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You are here: Home / Archives for Increasing profits

12 marketing secrets of superstar lawyers

May 12, 2022 by

By Trey Ryder #1: They make marketing their highest priority. Superstar lawyers know marketing is the key to success. They hire capable attorneys to do legal work for them so they can focus their attention on maintaining relationships and attracting the clients they want. #2: They know that nothing is more important than their credibility. Superstar lawyers avoid selling-based marketing, which casts them in the role of a salesperson, because it undermines their credibility and causes people to question whether they can be trusted. They use education-based marketing instead, which attracts clients to them because of their knowledge, skill, judgment and experience. #3: They seize the number one position in their niche. The Law of Leadership states it is better to be first than it is to be better. Everyone knows Charles… . . . read more

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TRAINING

Prove tech competency at your law firm

April 27, 2022 by

By Doug Striker Clients are increasingly asking law firms to prove tech competency before signing contracts for work. Why? Because they know that good tech skills translate into more efficient production, which translates into more bang for their buck. Simply put: Clients don’t want to pay high hourly rates if the people producing the work don’t know how to, say, format a Word document. That is a very fair expectation. But how do you prove tech competency at your law firm? So much of law work today is in the production process: producing products around legal arguments  —briefs, trial documents, contracts, etc. Therefore, if you can prove that your team efficiently uses the document production tools at their disposal, then you can prove that your billable hours are jam-packed with value. One… . . . read more

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MANAGING THE OFFICE

7 ways to cut costs with a greener office

April 18, 2022 by

By Daryll Esposito The well-being of our planet is a universal concern, but it’s not always front-of-mind when we’re busy at work. The good news is that making greener choices at the office is not only better for the environment, it’s better for your budget too. With Earth Day this week on April 22, it’s time to look at some environmentally friendly improvements. Some common repurposing and recycling advice is not appropriate for a law office, where confidentiality requires paper to be properly shredded for safe disposal.  On the other hand, the move to electronic documents greatly reduces paper use. 7 simple, sustainable and cost-saving steps that any office can take: Turn off electronics at night. You don’t pay your employees while they aren’t working, so why pay for off-duty equipment?… . . . read more

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INCREASING PROFITS

Corporate law departments strengthen ties with outside law firms

April 5, 2022 by

A new report on corporate law departments shows increasing investments in technology solutions, an expected increase in legal spend, and strengthening partnerships between corporate law departments and their external law firms. Thomson Reuters released 2022 State of Corporate Law Departments Report on March 22. The pandemic impacted all aspects of business including corporate law departments globally, which have been on the frontlines of protecting businesses during this unprecedented time. This year’s report provides key insights to aid corporate law departments and the law firms supporting them with world-class business intelligence, including benchmarks on legal spend, how to optimize for the future, and innovative ways law departments can stay a step ahead. “The impact of the pandemic and uncertainty propelled corporate legal departments to drive efficiency as a necessity,” said Sunil… . . . read more

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INCREASING PROFITS

Enforce those billing and collection guidelines

March 25, 2022 by

Getting paid or not getting paid to a great extent depends on the firm’s billing and collection guidelines—and whether they are enforced. Without guidelines, the firm is asking for money loss. Billing is haphazard, collection work isn’t done regularly, personal clients aren’t always satisfied with their bills, and corporate clients may hold up payment or contest the bill. Guidelines will vary from firm to firm. They have to reflect the firm’s culture along with its clients and the type of work it does. But in general, best practice calls for traditional procedures. Here are the basics. First and last month up front Start with a retainer. With almost all clients, the firm takes an understood risk when it accepts work. The client may be a slow payer or a part… . . . read more

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LEVERAGE YOUR DATA

Grow your law firm with these top 5 marketing techniques

March 25, 2022 by

Marketing undoubtedly plays a major part in law firm growth. But, the process—how it’s done—varies from firm to firm. When it comes to implementing the best marketing techniques, legal marketing teams can be motivated by what high-growth firms are doing to help inform your strategy. That’s the advice from Pitchly, which offers a data enablement system that can help law firms leverage their data—helping them streamline and simplify marketing and business development activities. Law firm growth accelerated in 2021 While the COVID-19 pandemic has squeezed industries nationwide, law firms haven’t felt the same pinch. US law firm revenue climbed 14% during the first nine months of 2021 over the same period the year before. The revenue growth was led by strong demand, not rate increases. Pitchly says law firm marketing departments… . . . read more

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MANAGING THE OFFICE

Keep your firm’s goals current

February 23, 2022 by

We traditionally set our firm’s goals for the beginning of the year, but setting targets on a quarterly or on-going basis keeps these goals current and relevant. Goals provide crucial support in guiding year decisions through this year and the years ahead. Goals mean that instead of reacting to whatever happens, you’re proactively driving your firm to where you want to go. So, what should you keep in mind when setting your law firm’s business goals for the rest of 2022 and beyond? Here’s advice from Cosmolex, cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application: Start with metrics for the big picture To know where you want to go, you first need to… . . . read more

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INCREASING PROFITS

5 law firm billing practices for better cash flow

February 14, 2022 by

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! Enter your time daily. With today’s mobile technology, there is really no excuse for not entering time daily. Your practice management software should be so easy to use, so easy to access that there are really no excuses. Enter time from your desktop, laptop, iPad, cellular phone and dictate it directly to your software. If your software is not providing your attorneys this flexibility, make the investment now… . . . read more

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MANAGING THE OFFICE

TO DOs: Your May office checklist

May 2, 2021 by

It can be difficult to focus on work this month. May is when many of us come down with spring fever, yearning to get outside in the garden or on the hiking trails. Added this year is the anticipation life might be heading to some sort of normal after more than a year of COVID-19 restrictions, but uncertainty about planning activities. Start planning coverages for summer vacations. Many firms do not use temporary legal assistants or secretaries anymore. With stepped up efficiencies in the office, legal assistants or secretaries are often assigned to cover for an attorney while another staff member is out of the office. Looking at the schedules for the coming months now will ensure that there is sufficient coverage. If outside help is necessary, now is the… . . . read more

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SURVEY SAYS

Tech, talent search and space reduction drive law firm changes

February 15, 2021 by

Change is a fact of life for law firms today, and leadership is fully aware—three in four survey respondents noted their firm’s partners are receptive to change. This need for change centers around two central premises: the need to improve real estate efficiency to stay lean and cost-competitive, and the need to evolve to attract talent and accommodate new ways of working. Despite these initiatives, the majority of respondents to a recent survey by Gensler Research Institute reported that their firm continues to lease more space than is necessary. Larger firms are more likely to have excess space on their books. Recently designed firms are less likely to have excess space, confirming the focus on space reduction in recent years—though even among those whose offices have been redesigned recently, one in… . . . read more

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