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Home » Increasing profits
INCREASING PROFITS

Should a lawyer do administrative tasks to save money?

November 3, 2022 by

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 impact. This is called leverage and leverage is the best kept secret of the rich. It works like this: If you spend five hours per week on administrative work at $400 per hour x 4.3 weeks per month it will cost you $8,600.00 per month of billable client hours. Over the course of a year that is $103,200.00 of billable time that you could be billing… . . . read more

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MORE PROFIT

The art of delegating to increase firm revenues

September 6, 2022 by

By Elizabeth Miller Law firms are unique in that unlike most other businesses which sell a product, lawyers sell time. Their time is, for a better description, “their stock in trade”. Based on this concept, to be profitable and generate sufficient revenues to carry the firm, lawyers should be spending their valuable time doing client billable work. The exception to this are contingency cases and hybrid cases which consist of a part contingency/part billable hour retainer agreement. Contingency cases, however, have to be profitable for a law firm also. With this in mind, the key to profitability and work product efficiency in a law firm is to assign legal tasks to the lowest paid but most qualified person to complete a task. When partners spend their time doing work that… . . . read more

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STAFFING

Is it a recession or not? The answer may surprise you

August 11, 2022 by

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 headed into a recession?”: Some say “yes.” Over 60 percent of the 750 CEOs surveyed by the business research firm Conference Board expect a recession in the next 12 to 18 months1. Another 15 percent of surveyed CEOs report their region is already in recession.1 The most recent gross domestic product report that tracks our overall economic health showed a second consecutive quarter of negative growth, the textbook… . . . read more

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INCREASING PROFITS

12 MORE marketing secrets of superstar lawyers

July 27, 2022 by

By Trey Ryder #13: They provide client service beyond compare. They return phone calls quickly. They work day and night to finish projects. They have backup plans for their backup plans. They err on the side of caution. They hire a bright, responsive support staff. And they always go the extra mile. Whatever it takes, they get the job done. And the superstar’s staff is equally committed to bring the client the best result on time, on budget. #14: They make sure everybody knows they welcome new business. One obstacle successful lawyers face is that other lawyers think they don’t want new clients. As a result, they quit referring cases. When prospecting for new clients, superstar lawyers know it is far better to receive too many inquiries than too few. They make… . . . read more

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INCREASING PROFITS

Public service attorney pay grows but still below private sector

June 22, 2022 by

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 $9,500 and $12,700, respectively, since the last survey was conducted in 2018. As shown in Table 1 below, that compares to increases of about $1,000 per year over the 2004-2018 period, although that growth was sometimes stagnant in the period from 2008-2014, depending on the kind of organization. Increases in median public defender salaries were more modest, with entry-level salaries only growing by $1,400 since 2018. However, the most experienced public defenders with 11 or more years of experience… . . . read more

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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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