Now that the summer is over and you're facing the final quarter, it's time to roll up your sleeves and get to work. Here are some important tasks you need to address now to ensure that you finish the year strong and are realistically prepared for next year. 1. Plan your staffing Start thinking about your staffing requirements for the coming year. Will you be adding another … [Read more...] about To-Dos: Your September office checklist
Billing & collections
Louisiana firm sets up four sure-pay systems
A Louisiana firm has added a handful of measures to its billing and collections work that, while simple, have generated significant benefit. There's a procedure to ensure the client contact information stays accurate, a soft-touch collections process, electronic client billing and paying, and a billing schedule that ensures a steady cash flow throughout the month. As a … [Read more...] about Louisiana firm sets up four sure-pay systems
To see better profits, look harder at where money starts and ends
Profit doesn't happen without a prod. Particularly in a tight financial environment, a firm has to know where its money is coming in and going out. It also "has to be nimble and on top of what's going on," because the supply, the demand, and the acceptable price of legal work is constantly changing, says Bob Henderson, of RJH Consulting, a business consulting group for small … [Read more...] about To see better profits, look harder at where money starts and ends
What’s overshadowing your partnerʼs big revenues?
Any firm can lose money to the very partners who are bringing in the most of it. That's because firms measure partner profitability by revenues only, and that doesn't show the full financial picture, says practice management consultant Andra Watkins of Positus Consulting in Charleston, SC. There's also a subjective side to evaluating each partner's contribution. And that … [Read more...] about What’s overshadowing your partnerʼs big revenues?
The forgotten cause of malpractice claims is poor communication
One often ignored cause of malpractice claims is nothing more than poor client communication. People judge their attorneys by the quality of the relationship, explains Nora Bergman, a Tampa attorney and advisor with the Atticus law firm practice management company in Mt. Dora, FL. "That's true of all clients," she says, "whether bluecollar worker or sophisticated banker." They … [Read more...] about The forgotten cause of malpractice claims is poor communication
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 increasing revenue. And doing that is often more common sense than magic, says financial consultant Michael R. Marget, managing director of 4L Law Firm Services in Tampa. Get under the payment wire The first and easiest way to … [Read more...] about Some not-so-difficult ways to increase revenue
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
To-Dos: Your April office checklist
Here are a few tasks that should be addressed this month. Do a first quarter evaluation with employees who have a billing quota. Assess where they are in terms of reaching the annual goal and discuss any changes that need to be made, adjustments in procedures for capturing time or time management skills. Review the firm's profit and loss statement as it compares to the … [Read more...] about To-Dos: Your April office checklist
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 interests lie far more in law than in business. Take a hard look now at what's going on financially … [Read more...] about Keep profits on track with this quick 5-point spring financial checkup
To-Dos: Your January checklist
Make a fresh start this year with a focused team, a financial plan, organized files, and a decluttered computer. Here are some tasks you can accomplish this month to help keep your office running smoothly and profitably throughout the year. 1. Help staff set and achieve goals. Addressing staff issues in January gets people charged up for the year and gives you a roadmap for … [Read more...] about To-Dos: Your January checklist