In today's competitive legal landscape, maintaining profitability is essential for the growth and sustainability of your practice. Effective management not only improves the bottom line but also enhances client satisfaction and staff productivity. To help you achieve these goals, we have curated a list of 10 proven strategies to boost your law office's profitability. These … [Read more...] about 10 ways to boost profitability for your law office
Increasing profits
8 common mistakes in client billing and how to avoid them
Billing errors are common and can lead to disputes, loss of client trust, and financial setbacks. Here’s an overview of common mistakes in client billing and strategies to avoid them. One frequent mistake is inaccurate time tracking. Lawyers often juggle multiple clients and tasks, making it easy to misrecord billable hours. To avoid this, implement a robust time-tracking … [Read more...] about 8 common mistakes in client billing and how to avoid them
How and when to ask a client for a referral
A new client should be a planned event, not an accident. And the most productive way to get a continuing stream of planned events is to follow an established process for generating referrals. Referrals are the highest producing form of marketing. In fact studies have shown that as many as seven out of 10 referrals turn into new clients. By contrast, cold calls for … [Read more...] about How and when to ask a client for a referral
Model Billing Statement
Why you need this Model Billing Statement: Many clients don't like to pay their legal bills and without having measures in place to ensure payments, law firms can run into huge headaches. One best practice is to ensure that your billing statement clearly outlines what services your clients are receiving for their money. How this Model Billing Statement helps you: Use this … [Read more...] about Model Billing Statement
Enforce those billing and collection guidelines
Getting paid or not getting paid to a great extent depends on the firm’s billing and collection guidelines—and whether they are enforced. Without guidelines, the firm is asking for money loss. Billing is haphazard, collection work isn’t done regularly, personal clients aren’t always satisfied with their bills, and corporate clients may hold up payment or contest the … [Read more...] about Enforce those billing and collection guidelines
9 tips for getting your lawyers onto the speaking circuit
One effective way to showcase your firm's expertise, build brand recognition, and enhance professional development is by encouraging your lawyers to participate in conferences and web events as speakers. By leveraging these platforms, your attorneys can make a significant impact, both individually and collectively. Consider these benefits that arise from encouraging your … [Read more...] about 9 tips for getting your lawyers onto the speaking circuit
16 ideas for marketing your law practice
Legal marketing should emphasize professionalism, credibility, and reliability. Your strategies should build trust with potential clients who are seeking legal assistance. Here are 16 marketing ideas: Specialized website: Create a professional website that highlights your practice areas, attorney profiles, testimonials, and contact information. Ensure the design is clean, … [Read more...] about 16 ideas for marketing your law practice
Keep your firm’s goals current
We traditionally set our firm's goals for the beginning of the year, but setting targets on a quarterly or on-going basis keeps these goals current and relevant. Goals provide crucial support in guiding year decisions through this year and the years ahead. Goals mean that instead of reacting to whatever happens, you’re proactively driving your firm to where you want to … [Read more...] about Keep your firm’s goals current
8 signs your firm needs an operations analysis
An operational analysis is an in-depth analysis of the firms's operations, or, put simply, getting somebody from outside to take a look at the inside. Most firms do that when they are facing problems, particularly financial problems, but it is better to do it before problems occur. Here is what the job entails, starting with the signs that it's time to get the review … [Read more...] about 8 signs your firm needs an operations analysis
Common partner compensation systems
By Brenda A. Barnes and Camille Stell Partner compensation is probably one of the most sensitive aspects of a law firm’s practice management. Whether you are adopting a new system or modifying the current one, there must be an extraordinary amount of thought, care, and study. Systems are either non-performance-based systems or performance-based systems. Here are the … [Read more...] about Common partner compensation systems