Whether you are looking at retiring and selling your law practice or purchasing one, you first need to have it valuated by a professional, says Ron Seigneur, a former legal administrator and partner in Seigneur Gustafson Certified Public Accountants in Lakewood, CO. Seigneur says there are three types of potential buyers for a law practice: Entrepreneurial buyers often … [Read more...] about What is your law practice worth to sell?
Managing staff
Three weekly meetings to keep everybody updated
In its annual management performance review, an Illinois firm asked everybody, "What is the main thing that bothers you that could be improved?" Up and down the line, the answer was communication. The problem was not a new one. For almost 20 years, lack of communication had been a problem, says the administrator of the firm. Everyone felt it, from staff to partners. … [Read more...] about Three weekly meetings to keep everybody updated
5 actions to take when you hear, "I don’t trust you"
By Audrey Epstein bio Talking about trust is tough in business. When a colleague tells you, "I don't trust you" your first instinct is probably to react defensively or aggressively, and rarely with curiosity and an openness to understand. You take "I don't trust you" as an attack on your character and an affront to your integrity. But trust is the foundation for strong, … [Read more...] about 5 actions to take when you hear, "I don’t trust you"
3 tips for selecting a health and benefits advisor
By David C. Fortosis bio The responsibility of selecting, designing, financing, and managing employee benefits is a critical task in today's law office business. Retirement and medical benefits are subject to more and more legislation and require adherence to legislative mandates. In addition, the combination of retirement and health and welfare benefits … [Read more...] about 3 tips for selecting a health and benefits advisor
Mind-map your way toward creating a great employee handbook
Sitting down with pen and paper and freely jotting down ideas may not sound like the best path toward creating a well-crafted employee handbook, but it's a great place to start. That free-flowing process, called mind-mapping, unleashes the creative part of your brain and is far more effective than writing a content outline for your handbook, according to writing coach and … [Read more...] about Mind-map your way toward creating a great employee handbook
3 bonus formulas that boost staff productivity
What bonuses should the office give, and how can it design the bonuses to increase productivity? As to the amount to give, a few consultants recommend setting aside as much as 17 per cent to 21 per cent of the monthly profits for staff bonuses. Most, however, recommend less. Whatever amount the office opts to allow, here are some ways to mete it out. Formula 1 The traditional … [Read more...] about 3 bonus formulas that boost staff productivity
Louisiana firm sets up four sure-pay systems
A Louisiana firm has added a handful of measures to its billing and collections work that, while simple, have generated significant benefit. There's a procedure to ensure the client contact information stays accurate, a soft-touch collections process, electronic client billing and paying, and a billing schedule that ensures a steady cash flow throughout the month. As a … [Read more...] about Louisiana firm sets up four sure-pay systems
5 simple (and inexpensive) ways to bring a breath of fresh air into your law office
By Nicole Groshek bio Providing employees with a change in scenery helps keep them inspired and productive. According to a recent survey, majority of office workers wish their office would consider an upgrade; younger adults especially care more about a workplace look and feel. As law offices work to attract and retain younger talent, it's important to find ways to … [Read more...] about 5 simple (and inexpensive) ways to bring a breath of fresh air into your law office
To see better profits, look harder at where money starts and ends
Profit doesn't happen without a prod. Particularly in a tight financial environment, a firm has to know where its money is coming in and going out. It also "has to be nimble and on top of what's going on," because the supply, the demand, and the acceptable price of legal work is constantly changing, says Bob Henderson, of RJH Consulting, a business consulting group for small … [Read more...] about To see better profits, look harder at where money starts and ends
How to investigate an employment-related complaint from a staffer
Got a complaint from an employee? Investigate it. If that complaint turns into a legal claim, part of the allegation of wrongdoing may well be that the office "didn't take it seriously and failed to investigate," says employment law attorney Ingrid Culp of Fredrikson & Byron in Minneapolis. The law doesn't require that an employer investigate a claim, she says. But it is … [Read more...] about How to investigate an employment-related complaint from a staffer