Collection work is something that can't wait, because a dollar of receivables doesn't stay a dollar for long. The dollar the office bills this month will be worth only 50 cents six months from now. In a year, it will be worth no more than 23 cents and probably more in the range of 19 to 20 cents. After two years, a 5-cent recovery is about the best any office can expect. Much … [Read more...] about Keep your accounts receivable young
Managing the office
A guide to understanding financial data
Law practice owners, especially those operating smaller firms, tend not to be super-knowledgeable about financial statements and the financial state of their operations, according to Brenda M. Clarke, a partner at Seigneur Gustafson LLP in Lakewood, CO. "They look to their staff, their office managers, their (financial) controllers, to help guide them," says Clarke, adding … [Read more...] about A guide to understanding financial data
7 ways to make your firm stand out among your competition
The competition for clients is fierce and law firms are marketing heavily, says marketing expert Shawn McNalis. That means a firm has to make itself stand out among a deluge of marketing messages and try for "top-of-mind awareness." Surprisingly, that can be done without much expense and even without a marketing department. The key, she says, is to focus on the personal side … [Read more...] about 7 ways to make your firm stand out among your competition
5 benefits of rules-based calendaring software
1. Use of automated rules-based calendaring software may entitle your firm to discounts for malpractice insurance coverage. Talk to your provider; 2. Automated rules-based systems reduce human errors; 3. The software adjusts for local court rules and holidays; 4. Some programs come with predetermined reminder dates for different types of entries. When the calendar date is … [Read more...] about 5 benefits of rules-based calendaring software
5 ways high-performance organizations make meetings effective
By J. Elise Keith bio Every organization has to figure out how to make meetings productive. It's a complex challenge. To be effective, each meeting needs to engage the individual talents of the people involved, work to achieve the organization's specific goals for the moment, and do so in a way that's both culturally relevant and contextually sensitive to the world … [Read more...] about 5 ways high-performance organizations make meetings effective
To-Dos: Your September office checklist
Now that the summer is over and you're facing the final quarter, it's time to roll up your sleeves and get to work. Here are some important tasks you need to address now to ensure that you finish the year strong and are realistically prepared for next year. 1. Plan your staffing Start thinking about your staffing requirements for the coming year. Will you be adding another … [Read more...] about To-Dos: Your September office checklist
Why budgeting and cash flow forecasting are essential for effective law office management
Regardless of your opinion of budgets, they are vital for building and managing a law practice, says Brenda Barnes, a certified public accountant (CPA) and managing principal of B2 Management and Consulting LLC. She adds that while lawyers often don't appreciate or pay attention to budgets, they are critical to financial planning within your firm. The benefits of a budget … [Read more...] about Why budgeting and cash flow forecasting are essential for effective law office management
How to cope with post-Labor Day stress (yes, it’s a thing) and return to the “daily grind”
It's official: summer is coming to a close. Gone are the days filled with outdoor festivals, beach vacations, neighborhood pool parties, and fun-filled barbeques. It's time to get back to work. Most working Americans acknowledge that the close of the Labor Day weekend symbolizes the return of the fall grind and new data from a national study commissioned by Mars Drink confirms … [Read more...] about How to cope with post-Labor Day stress (yes, it’s a thing) and return to the “daily grind”
How to reduce the risk of in-office theft
Theft in law firms comes from all corners, from staff to partners. "It happens more than people realize," says legal management consultant John W. Olmstead, MBA, Ph.D, CMC. In fact, his own experience of working with law firms leads him to estimate that one in nine firms has experienced some type of theft. Every firm needs theft protection. But that protection needs to do … [Read more...] about How to reduce the risk of in-office theft
10 ways to spot a phishing email
By Jay Stromberg bio There is no such thing as a 100% fool-proof security system that can protect your law firm from phishing emails. And that's pretty alarming because phishing is now one of the top ways that criminals infiltrate companies with malware and ransomware. These schemes are developed by cybercriminals to steal your firm's sensitive information or to … [Read more...] about 10 ways to spot a phishing email