Ineffective billing and collections practices affect more than the bottom line. They ultimately may determine what the firm has to…
RISK MANAGEMENT
4 bad financial habits that may increase your policy premiums and your malpractice risk
October 4, 2019 by
FINANCIAL MANAGEMENT
A guide to understanding financial data
September 13, 2019 by
Law practice owners, especially those operating smaller firms, tend not to be super-knowledgeable about…
REDUCING MALPRACTICE SUITS
How and why you need to carefully screen cold calls from potential new clients
August 9, 2019 by
What’s your firm’s process for dealing with a potential new client? What happens when someone sends the firm an email asking for a quote for a real estate transaction or when a frantic caller leaves a…
CONFLICT CHECKING
Nine traps to avoid when checking for conflicts
June 28, 2019 by
Before a law firm accepts any new file, it must first ensure that no conflict of interest exists. Yet, despite having stringent conflict-checking procedures…
RECORDKEEPING
Use weekly financial reporting to keep partners aware of cash flow
May 3, 2019 by
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…
MANAGING THE OFFICE
Ask the Expert: How to name documents in a document management system
March 15, 2019 by
Q: “I’m looking for a naming protocol guideline—a compilation of legal and non-legal abbreviations and acronyms for naming documents in our…
BILLING & COLLECTIONS
Notice to Client of Increase in Hourly Rate
March 15, 2019 by
Why you need this Model Notice to Client:
Clients should be notified in writing of any fee increases 30 days in advance. This
protects both the firm and the client. Informing your client of what to expect and
when to expect it will help your client prepare for the extra expense.
Model Billing Statement
March 15, 2019 by
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.
BILLING & COLLECTIONS
Model Retainer Agreement
March 15, 2019 by
Why you need this Model Retainer Agreement:
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 lay out your billing arrangements and hourly fees charged by partners, associates, and paralegals in your retainer agreement.
CREATING A BUDGET
How to create a budget for your law firm
February 22, 2019 by
While many attorneys cringe at the thought of creating a budget, there are five important reasons why your law firm needs one, says…
