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
Increasing profits
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?
Can every attorney in your office answer these 10 critical questions for 2024?
Want to see more profit in 2024? Get each attorney to draw up a practice plan for the year. A plan forces the attorneys to organize their work agenda by focusing on practice development, production, and self-improvement. What’s more, it ensures that everybody does work that furthers the firm’s goals, it keeps the marketing focused, and it keeps the collections in line. Use … [Read more...] about Can every attorney in your office answer these 10 critical questions for 2024?
5 ways to keep the referrals rolling in
Referrals can be a powerful source of new clients, and they can help you build a strong reputation in your community. Here are some tips on how to get referrals for your law firm: Provide excellent service The first step to getting referrals is to provide excellent service to your current clients. When clients are happy with the service they receive from your firm, they … [Read more...] about 5 ways to keep the referrals rolling in
4 directions to send your law firm marketing message
If you're looking to market your law practice, there are several techniques you can use to attract prospects, engage with them, and turn them into clients. To make the most of your marketing efforts, it's important to focus on the data first. The better you understand your potential clients' online and offline media behaviors and preferences, the better you can customize your … [Read more...] about 4 directions to send your law firm marketing message
Four tasks to start now to ensure a successful 2024
By Brenda A. Barnes bio Year-end can be a pretty hectic time for many of us. As a business owner though, this is an ideal time to work on positioning your firm for a prosperous new year. Here are four important tasks you can start on now to ensure a successful 2024: 1. Think about strategic planning. Evaluate your firm's successes as well as areas that need … [Read more...] about Four tasks to start now to ensure a successful 2024
The art of delegating to increase firm revenues
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 … [Read more...] about The art of delegating to increase firm revenues
Business origination: Know where the work comes from
By Brenda Barnes Businesses thrive only when they have sales—and lots of them. To increase top-line revenue, firms must continually generate new business. In professional service firms, sales, or business development, is generally referred to as business origination. Whether or not your firm tracks originated business or compensates attorneys for new business, it is vital to … [Read more...] about Business origination: Know where the work comes from
6 essential tips for law office administrators to attract more clients
As a law office administrator, one of your key responsibilities is to ensure the growth and success of your firm. A crucial aspect of achieving this goal is consistently attracting new clients. In an increasingly competitive legal landscape, it's essential to employ effective strategies that can help your law office stand out. Consider these tips to help you gain more clients … [Read more...] about 6 essential tips for law office administrators to attract more clients