When a North Carolina office realized its referrals from clients were dwindling, it responded by setting up a plan to ensure maximum personal contact with the clients. Within the first year the plan was in place, the personal injury firm doubled its referrals. The focus was placed on communications, fast response to calls, maintaining contact throughout the year and keeping … [Read more...] about Personal client attention doubles the money-making referrals
Increasing profits
Fostering a business development mindset: Empowering lawyers in your office
Business development is not typically the first thing that comes to mind for many lawyers, whose primary focus is often on legal expertise and client representation. However, in today's competitive legal landscape, developing a business mindset is essential for both individual career growth and the success of a law office. As a law office administrator, you can play a pivotal … [Read more...] about Fostering a business development mindset: Empowering lawyers in your office
16 ideas for marketing your law practice
Legal marketing should emphasize professionalism, credibility, and reliability. Your strategies should build trust with potential clients who are seeking legal assistance. Here are 16 marketing ideas: Specialized website: Create a professional website that highlights your practice areas, attorney profiles, testimonials, and contact information. Ensure the design is clean, … [Read more...] about 16 ideas for marketing your law practice
Keep your firm’s goals current
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 … [Read more...] about Keep your firm’s goals current
Could you be doing more to make your receivables less?
Unpaid invoices and overdue accounts can lead to cash flow issues, hinder business growth, and strain client relationships. Consider these strategies to help you keep receivables low and improve the overall financial stability of your firm. Clear and Detailed Fee Agreements The foundation of any successful receivables management strategy begins with transparent and … [Read more...] about Could you be doing more to make your receivables less?
8 signs your firm needs an operations analysis
An operational analysis is an in-depth analysis of the firms's operations, or, put simply, getting somebody from outside to take a look at the inside. Most firms do that when they are facing problems, particularly financial problems, but it is better to do it before problems occur. Here is what the job entails, starting with the signs that it's time to get the review … [Read more...] about 8 signs your firm needs an operations analysis
5 law firm billing practices for better cash flow
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! … [Read more...] about 5 law firm billing practices for better cash flow
Cross-train your staff: Benefits, strategies & examples
Cross-training your law office staff can be a game-changer, allowing your team to become more versatile, efficient, and adaptable. By equipping your employees with a broader skill set, you're better prepared to handle the diverse demands of the legal profession. Consider the following advantages of cross-training and examples of administrative duties where cross-training can … [Read more...] about Cross-train your staff: Benefits, strategies & examples
10 ways to balance budgeting and billing
Managing the financial aspects of a law office is a multifaceted challenge that requires a delicate balance between budgeting and billing. Here are 10 strategies to consider: 1. Establish clear budgets: Effective financial management starts with a well-defined budget. Work closely with the firm's partners or management to set clear and realistic budgetary goals. Consider … [Read more...] about 10 ways to balance budgeting and billing
How are your billing and collecting processes?
6 best practices that fit the bill Training some select clients to pay their bills on time might seem about as possible as herding cats. But if you start the training early, you might actually achieve the impossible. Here are a few tips shared by Ronald L. Seigneur, CPA/ABV/CFF, ASA, CVA, CGMA, of Seigneur Gustafson LLP. 1. Be selective According to Seigneur, your … [Read more...] about How are your billing and collecting processes?