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
Billing & collections
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?
Can every attorney in your office answer these 10 critical questions for 2024?
Want to see more profit in 2024? Get each attorney to draw up a practice plan for the year. A plan forces the attorneys to organize their work agenda by focusing on practice development, production, and self-improvement. What’s more, it ensures that everybody does work that furthers the firm’s goals, it keeps the marketing focused, and it keeps the collections in line. Use … [Read more...] about Can every attorney in your office answer these 10 critical questions for 2024?
15 projects for the last quarter of the year
Running out of things to do? Just kidding. But in case you are, here are some projects to consider for the last quarter of the year. Financial Review and Budgeting: a. Review the year-to-date financial statements to assess the firm's financial health. b. Prepare a budget for the upcoming year, considering revenue, expenses, and capital investments. c. Ensure all client … [Read more...] about 15 projects for the last quarter of the year
Scheduling payments can boost collections
One of your most important tasks is managing the financial health of your law firm. You know that collecting payments from clients can be a challenging and time-consuming process. However, with the right strategy, you can improve your collections and ensure your firm is getting paid in a timely manner. One effective strategy for improving collections is scheduling client … [Read more...] about Scheduling payments can boost collections
Should a lawyer do administrative tasks to save money?
By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?
Is it a recession or not? The answer may surprise you
By Lynne Curry My in-box filled with questions after I posted a Recession Fears Loom blog. Readers asked how I made sense of the different views voiced by economists and politicians. As a law office manager with responsibilities around staffing and profitability, you are probably watching to see which way the economy goes. Here’s the background, and my answer to “are we … [Read more...] about Is it a recession or not? The answer may surprise you
Public service attorney pay grows but still below private sector
According to new research from NALP, salaries for public service attorneys have risen since 2018, particularly for attorneys working in civil legal services and public interest organizations. The results from the NALP/PSJD 2022 Public Service Attorney Salary Survey show that the median entry-level salaries for civil legal services and public interest organizations increased by … [Read more...] about Public service attorney pay grows but still below private sector
Artificial intelligence can boost billable hours
Artificial Intelligence (AI) represents one of the latest advances in legal technology. Rather than replacing attorneys and support staff, AI can help lawyers and other legal professionals do more to serve their clients with greater efficiency and less expense. Teaching computers to learn One significant advantage of employing AI is the ability of machines to learn tasks that … [Read more...] about Artificial intelligence can boost billable hours