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
Increasing profits
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
Want to improve your bottom line? Encourage your partners to delegate
By Elizabeth M. Miller bio Law firms are unique in that unlike most other businesses that 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 exceptions to … [Read more...] about Want to improve your bottom line? Encourage your partners to delegate
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
7 quick ways to jump-start your firm’s business development efforts
By David H. Freeman bio Every so often, you may think, "I could use some fresh ideas to jump-start the firm's business development efforts." Or perhaps the managing partner is looking to you for some input on how to grow the business. I have some resources that can help. Over the years, I've produced very short business development tips designed to trigger new … [Read more...] about 7 quick ways to jump-start your firm’s business development efforts
To-Dos: Your February office checklist
February might be a short month, but there's a lot packed into it. Here are 7 areas you can tackle this month to help improve profits, protect the firm, and boost morale. 1. Review each department's revenues. By now the profit and loss statement for 2022 is in. Review the gross revenues of the firm and the revenues for each department if the firm practices in more than … [Read more...] about To-Dos: Your February office checklist
Do these 5 tasks now and get ahead of your tax preparations
By Elizabeth M. Miller bio The holidays are over and it's time to get back to work—and reality. And the reality is that tax season is just around the corner. Ideally, you were attentive to your accounting and recordkeeping last year so you're ready to just hand over your records and reports to the accountant and—voila—your tax return is ready. But the reality … [Read more...] about Do these 5 tasks now and get ahead of your tax preparations
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
TO-DOs: Your December office checklist
Congratulations on making it through 2022! We hope it was a successful and satisfying year for you and your firm and that you take some time this month to celebrate your accomplishments. Of course, the work never stops, so here are some reminders for this month. Start thinking about the firm's taxes. Are there any bills you can pay this year to offset any unexpected income … [Read more...] about TO-DOs: Your December office checklist
7 steps you can take now to improve next year’s bottom line
Year-end is a great time to evaluate the firm's finances and make a plan to improve next year's bottom line. Even if the year went well, there are always improvements to be made and areas that can be trimmed without impacting employees or the service they provide to clients. Here are 7 steps you can take now to improve next year's bottom line. 1. Evaluate your advertising … [Read more...] about 7 steps you can take now to improve next year’s bottom line