Ineffective billing and collections practices affect more than the bottom line. They ultimately may determine what the firm has to pay for malpractice coverage. To an underwriter, poor financial habits are just like poor legal habits—they spell high risk for malpractice claims, says Dan Knise, president and CEO of Ames & Gough, a McClean, VA, specialty insurance broker. If … [Read more...] about 4 bad financial habits that may increase your policy premiums and your malpractice risk
Client relations
7 ways to make your firm stand out among your competition
The competition for clients is fierce and law firms are marketing heavily, says marketing expert Shawn McNalis. That means a firm has to make itself stand out among a deluge of marketing messages and try for "top-of-mind awareness." Surprisingly, that can be done without much expense and even without a marketing department. The key, she says, is to focus on the personal side … [Read more...] about 7 ways to make your firm stand out among your competition
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
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
Partner retirement: how to keep the clients and assign the business
When a partner retires, the top business concern is if and how the firm can keep the clients. And there's more than one reason to be concerned, says August J. Aquila, of Aquila Global Advisors, a Minnetonka, MN, consulting firm specializing in succession planning, mergers, acquisitions, and strategic planning for professional firms. Obviously, the firm wants to keep the … [Read more...] about Partner retirement: how to keep the clients and assign the business
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?
3 proven ways to build a more profitable client base
It's always a good idea for any business to revisit its business plan, making sure it's on track with its vision and meeting the needs of its target customers. Usually this review involves asking itself the three big strategic questions: Where is the practice now? Where do we want it to go? How will we get there? But sometimes it's not always easy to clearly identify where … [Read more...] about 3 proven ways to build a more profitable client base
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
10 ways managers are improving their law firms
Ah, the woes of running a law office. You know them well: Reams of reports, scheduling squabbles, technology tangles, and so much more. It takes a lot of skill, patience, and strategy to make a law office run smoothly—plus a little bit of help from others who know your pain. That must be why the Reader Tips section of our website is so popular. It contains dozens of solutions … [Read more...] about 10 ways managers are improving their law firms
Personal touch helps win highly profitable corporate clients
It's a first-class presentation, but the corporate business goes to another firm. What happened? The big balloon deflator is that most corporations have their hiring decisions made long before the beauty contest. The winner is almost always the firm that has developed a relationship with the company beforehand, and the selection process is naught but a friendly formality. … [Read more...] about Personal touch helps win highly profitable corporate clients