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
Recordkeeping
How and why you need to carefully screen cold calls from potential new clients
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 long, detailed voice mail message about why she wasn't to blame for the fatal car crash being covered on the morning news? Who takes the call? How are calls prioritized? And is … [Read more...] about How and why you need to carefully screen cold calls from potential new clients
Nine traps to avoid when checking for conflicts
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, conflicts of interest are still a serious problem for many firms. How do your procedures stack up? Do they address these common mistakes? Any firm knows a conflict of interest can result in bad things. … [Read more...] about Nine traps to avoid when checking for conflicts
Use weekly financial reporting to keep partners aware of cash flow
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
Ask the Expert: How to name documents in a document management system
Q: "I'm looking for a naming protocol guideline—a compilation of legal and non-legal abbreviations and acronyms for naming documents in our document management system." A: (Courtesy of Diane Camacho, CLM, SPHR, of DLC Consulting Service) Try not to abbreviate too many words in document titles. If there are too many abbreviations to remember, people make them up. And don't … [Read more...] about Ask the Expert: How to name documents in a document management system
How to create a budget for your law firm
While many attorneys cringe at the thought of creating a budget, there are five important reasons why your law firm needs one, says Elizabeth Miller, an independent law firm administrator and consultant. Budgets help law firms achieve long-term goals, such as growing their businesses or buying an office instead of renting office space. You can't spend money you … [Read more...] about How to create a budget for your law firm
Sample Budget Spreadsheet
Why you need this budget spreadsheet: While many attorneys cringe at the thought of creating a budget, there are several important reasons why your law firm needs one, including helping you prepare for unexpected expenses. How this budget spreadsheet helps you: This 12-month, month-by-month spreadsheet lists some common fixed expenses of a law firm. How to use this budget … [Read more...] about Sample Budget Spreadsheet
Pop Quiz: How well do you understand the new FLSA overtime rules?
Sandra Hoyle-Smith, SPHR of B2 Management & Consulting recently gave a webinar to Law Office Manager subscribers outlining the new FLSA (Fair Labor Standard's Act) overtime rules and how these changes will affect law office staff. What's changing Effective December 1, 2016, the minimum salary level for non-exempt employees is increasing. What this means for law firms is … [Read more...] about Pop Quiz: How well do you understand the new FLSA overtime rules?
Buried by paper? Time to crawl out and go digital
In a report dated August 9, 2012, Linda A. Halliday, the Assistant Inspector General for Audits and Evaluations of the Department of Veterans Affairs, called for immediate action to address the “Risks Associated with Veterans Claims Folder Storage, Building Integrity, and Employee Safety at the Winston-Salem VA Regional Office.” In her report, Ms. Halliday described thousands … [Read more...] about Buried by paper? Time to crawl out and go digital
Why you should consider automating your client screening process
What's your firm's process for dealing with a potential new client? While large law firms may have sophisticated systems of vetting potential new clients that include detailed conflict of interest searches and approval committees, Edie Zimmerman of Legal Software Solutions, suggests your consider automating your screening process. "Some practice management databases allow the … [Read more...] about Why you should consider automating your client screening process