A Vermont manager has found that running the financial reports weekly instead of monthly is an easy way for the partners to stay always aware and in control of what's going on. They see every penny that has come in and gone out. They know how each attorney and each practice area is faring. And they know when to expect extra expenses and what the taxes are likely to be. The … [Read more...] about Use weekly financial reporting to keep partners aware of cash flow
Marketing
Personal touch helps win highly profitable corporate clients
It's a first-class presentation, but the corporate business goes to another firm. What happened? The big balloon deflator is that most corporations have their hiring decisions made long before the beauty contest. The winner is almost always the firm that has developed a relationship with the company beforehand, and the selection process is naught but a friendly formality. … [Read more...] about Personal touch helps win highly profitable corporate clients
To-Dos: Your April office checklist
Here are a few tasks that should be addressed this month. Do a first quarter evaluation with employees who have a billing quota. Assess where they are in terms of reaching the annual goal and discuss any changes that need to be made, adjustments in procedures for capturing time or time management skills. Review the firm's profit and loss statement as it compares to the … [Read more...] about To-Dos: Your April office checklist
Marketing your practice: How to attract more clients by positioning your attorneys as “thought leaders”
The attorneys in your practice are more than knowledgeable; they are thought leaders in the legal field. So why not share their expertise, and market the practice in the process? Seeking information People actively seek legal information. Indeed, legal websites are highly popular, books offering legal advice sell well, and television shows like "Law & Order" have found new … [Read more...] about Marketing your practice: How to attract more clients by positioning your attorneys as “thought leaders”
7 quick ways to jump-start your firm’s business development efforts
By David H. Freeman bio Every so often, you may think, "I could use some fresh ideas to jump-start the firm's business development efforts." Or perhaps the managing partner is looking to you for some input on how to grow the business. I have some resources that can help. Over the years, I've produced very short business development tips designed to trigger new … [Read more...] about 7 quick ways to jump-start your firm’s business development efforts
Is this essential ingredient missing from your firm’s customer service?
If you believe that your law firm offers exceptional customer service, you might want to think again, says Kelli Proia, a Rhode Island-based intellectual property attorney and founder of Lawducate, a business education firm for lawyers. Proia says the customer service component is sadly lacking in the legal business as a whole, adding that too many lawyers focus on the work … [Read more...] about Is this essential ingredient missing from your firm’s customer service?
Public image counts just as much as legal quality: 7 good rules
It takes more than good lawyering to make a practice a success. Just as important is a good public image. Here Trey Ryder, a legal marketing consultant in Payson, AZ, gives seven ways to make the firm look good. Rule #1: Pay up! Few people know much at all about the law firms in their community, Ryder says. They don't know the good from the bad. But what does get around … [Read more...] about Public image counts just as much as legal quality: 7 good rules
Dear newly hired law firm: Here’s what I really want
By Robert Denney bio What would it be like to be on the receiving end of an engagement letter after accepting a new client? While they may not actually put any of this to you in writing, it is very likely your new client has a few of the expectations set out in this letter. LETTER FROM A CLIENT TO ITS NEW LAW FIRM Today's Date Responsible Partner Our New … [Read more...] about Dear newly hired law firm: Here’s what I really want
Establishing an effective pricing policy in your law firm
As law firms evolve, tracking key metrics and producing top-tier results are absolutely necessary, and new methodologies and thought processes have begun to play key roles in rationalizing, monitoring, controlling and setting strategic pricing. This information can change the profitability structure of your law firm, says Brenda Barnes, certified public accountant (CPA) and … [Read more...] about Establishing an effective pricing policy in your law firm
Unique client communication approach gives small firm a huge marketing advantage
Like many small firms, one Michigan office operates in a precarious environment. With only two attorneys and four staff, it faces heavy competition from larger firms as well as from firms opening satellite offices. And because the city itself is small, the client prospect pool is limited, says the administrator of the office. So the firm devised a … [Read more...] about Unique client communication approach gives small firm a huge marketing advantage