Staying on top of your law office’s finances is crucial for long-term success. A well-structured monthly financial review ensures that you're not just meeting immediate financial needs but also planning effectively for the future. This checklist is designed to guide you through the key areas that require attention each month, from tracking expenses and revenue to assessing cash … [Read more...] about Monthly financial review checklist for a law office
Billing & collections
Getting ahead: Tasks to tackle in the last two weeks of August
As a law office manager, you know that September often brings a surge of activity. Whether it’s new cases, court dates, or the ramping up of ongoing projects, the post-summer period can be intense. That’s why the last two weeks of August are the perfect time to focus on tasks that will set your office up for success in the months ahead. Here are some key jobs to consider … [Read more...] about Getting ahead: Tasks to tackle in the last two weeks of August
How to prioritize law firm management tasks
By Elizabeth M. Miller bio What's the most important task you have to tackle today? Do you have so many you can't decide which to address first? In law firms, priorities change from day to day and even moment to moment. The truth of the matter is that there are often competing priorities. And unless there is an obvious crisis, it's sometimes not that easy to decide which … [Read more...] about How to prioritize law firm management tasks
6 realities about client billing and how to address them
By Elizabeth M. Miller bio Nothing strikes a nerve with clients more than having to pay legal fees. I am not sure why, but some clients think it is acceptable to expect their lawyers to work for free, something they don't expect anyone else to do. In today's economy, clients are looking for reduced legal fees and results. Value billing and flat fee billing structures are … [Read more...] about 6 realities about client billing and how to address them
How to use client exit surveys to improve service and increase revenue
Don't close out a matter without measuring the client's satisfaction. Do that with a survey that covers everything from the legal services to the freshness of the coffee. A survey gathers information that can help the firm do a better job. It highlights the areas of excellence. And it reveals the areas of dissatisfaction clients don't mention—except to other … [Read more...] about How to use client exit surveys to improve service and increase revenue
10 ways to boost profitability for your law office
In today's competitive legal landscape, maintaining profitability is essential for the growth and sustainability of your practice. Effective management not only improves the bottom line but also enhances client satisfaction and staff productivity. To help you achieve these goals, we have curated a list of 10 proven strategies to boost your law office's profitability. These … [Read more...] about 10 ways to boost profitability for your law office
8 signs your firm needs an operations analysis
An operational analysis is an in-depth analysis of the firms's operations, or, put simply, getting somebody from outside to take a look at the inside. Most firms do that when they are facing problems, particularly financial problems, but it is better to do it before problems occur. Here is what the job entails, starting with the signs that it's time to get the review … [Read more...] about 8 signs your firm needs an operations analysis
5 law firm billing practices for better cash flow
By Brenda Barnes It’s probably not a big surprise that if your firm does not have sound billing and collection practices, your cash flow will suffer. It also probably goes without saying that when cash flow suffers so does partner compensation. How can you tighten this up? First and foremost, you need to have solid billing policies that are agreed upon and followed! … [Read more...] about 5 law firm billing practices for better cash flow
How are your billing and collecting processes?
6 best practices that fit the bill Training some select clients to pay their bills on time might seem about as possible as herding cats. But if you start the training early, you might actually achieve the impossible. Here are a few tips shared by Ronald L. Seigneur, CPA/ABV/CFF, ASA, CVA, CGMA, of Seigneur Gustafson LLP. 1. Be selective According to Seigneur, your … [Read more...] about How are your billing and collecting processes?
What is your end of year focus?
By Brenda Barnes It’s that time of year again! We are often so busy in the last quarter of the year that many important items can get overlooked or pushed until another time. Here are 10 items you may want to give some of your attention to before end of year so you are ready to kick off 2024. Year-End Financial Planning: Review and analyze the firm's financial … [Read more...] about What is your end of year focus?