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Keep profits on track with this quick 5-point spring financial checkup

It happens every January. The firm makes grand resolutions to improve the financial performance.
But by spring, the attorneys get bogged down in their old habits. It’s the administrator’s job to keep the attorneys focused on their financial resolves, because their abilities and…

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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…

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Boost quarterly profits with this proven 6-pronged cost cutting plan

As revenues tighten, every administrator is forced to look for new ways to cut expenses. There are lots of dollars waiting to be saved. But many of them are in places so conspicuous they…

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Clients cite their top 6 turnoff points with law firms

Don’t jeopardize repeat business by unwittingly antagonizing the clients. Keeping them satisfied is a worthwhile…

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Some not-so-difficult ways to increase revenue

Need a better bottom line?
Don’t go the way of most firms and start “stripping the heck out of the operating costs.” The real dollars come from…

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Traditional procedures bring in the most money

Getting paid or not getting paid to a great extent depends on the firm’s billing and collection guidelines – and whether they are…

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Six ways to reach the highest possible prosperity

It’s the bottom line that counts. That’s the firm’s profitability. And maximizing it calls for more than bringing in…

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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…

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The engagement letter: safety comes from clarity

Six things that client needs to know
An engagement letter is protection – for both firm and client.
It prevents argument on what the firm is expected to do for the client and what the client is expected to do for the firm. Thus, it needs to be clear, brief, and…

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5 partnership points that cause more than the usual headaches

It’s the partnership wonder. Many, many firms, from the smallest to the most sophisticated and well known, don’t have partnerships agreements.
Without an agreement, every facet of the practice is a potential battleground, says Arthur J. Ciampi of Ciampi LLC, a Manhattan company that represents law firms in partnership disputes. Ciampi is also coauthor of a book entitled Law Firm Partnership Agreements.
Every partnership is different, he says, but the five elements they all need to cover in their agreements are management, capital contributions, the profits, retirement, and what to do about unfinished business when the partnership…

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