By Brenda Barnes bio It's a common problem for law firm managers: lost sleep over those gnawing concerns about what they "don't know" about their practice and what they could be doing better. These are some of the top sleep deprivers affecting our clients: Growing the top line of business and keeping the competitive edge Making sure they have the right people in the … [Read more...] about How law firm managers can get a better night’s sleep
profitability
A simple way to rate attorney performance
A North Carolina administrator follows an extremely simple formula to calculate the attorneys' monthly and yearly profitability. It also shows them their own profitability compared to the other attorneys'. Originally, the firm showed them only the billed hours, says the financial manager for the seven-attorney firm. But that wasn't enough. The billed hours alone were not a … [Read more...] about A simple way to rate attorney performance
Is your firm struggling with cash flow?
By Brenda Barnes bio Henry Ford once said, "Vision without execution is just hallucination." While revenue production is the core goal for every business, the real magic is in understanding and managing your cash cycle. You can't execute without cash. According to Patty Block, consultant and owner of The Block Group, many small businesses struggle to appropriately … [Read more...] about Is your firm struggling with cash flow?
Establishing an effective pricing policy in your law firm
As law firms evolve, tracking key metrics and producing top-tier results are absolutely necessary, and new methodologies and thought processes have begun to play key roles in rationalizing, monitoring, controlling and setting strategic pricing. This information can change the profitability structure of your law firm, says Brenda Barnes, certified public accountant (CPA) and … [Read more...] about Establishing an effective pricing policy in your law firm