Can the partners live with less space?
After payroll, office space is the firm’s second highest expense, in most cases eating up from…
PURCHASING AND LEASING
Paying too much office rent? Try these 7 rent-cutters
July 19, 2019 by
RECORDKEEPING
Use weekly financial reporting to keep partners aware of cash flow
May 3, 2019 by
A Vermont manager has found that running the financial reports weekly instead of monthly is an easy way for the partners to stay always aware and in control of what’s…
INCREASING REVENUES
Boost quarterly profits with this proven 6-pronged cost cutting plan
November 2, 2018 by
As revenues tighten, every administrator is forced to look for new ways to cut expenses. There are lots of dollars waiting to be saved. But many of them are in places so conspicuous they…
TECHNOLOGY
Buried by paper? Time to crawl out and go digital
April 15, 2016 by
In a report dated August 9, 2012, Linda A. Halliday, the Assistant Inspector General for Audits and Evaluations of the Department of Veterans Affairs, called for immediate action to address the “Risks Associated with Veterans Claims Folder Storage, Building Integrity, and Employee Safety at…
PURCHASING & LEASING
5 purchasing tips that can save your law firm money
March 11, 2016 by
Cutting purchasing costs doesn’t have to be difficult. Here are five approaches to purchasing your firm should consider…
READER TIPS
A manual that covers the entire administration
October 2, 2015 by
A Washington, D.C. administrator has set up an operations manual that covers every imaginable item of managing the firm.
It holds the basics of everything so that when she is out, the firm “can be on autopilot and keep the trains running on time,” says Jill D. Hirsch, chief operating officer of Slevin & Hart. And, she says, “it’s for me as well as for someone stepping in for me.” No administrator can remember every detail of the office’s operations, so it’s a quick reference whenever a question arises.
The manual covers the daily administrative procedures, the emergency procedures, the accounting controls, the recruiting – everything. There’s also a timeline, so if a partner wants to…
. . . read more
TECHNOLOGY
How document automation can save you thousands
September 18, 2015 by
Does your firm use document automation tools? If not, you’re not alone. According to a survey conducted in 2013 by the International Legal Technology Association, a whopping 62% of law firms surveyed reported not using a document automation system. But when you think about how much time your team spends assembling variations of the same documents every day, automating the process is something to consider.
“On average our customers who implement document automation technology as a part of their everyday work practice save 72 percent of the time they would otherwise spend on the…
PURCHASING & LEASING
Don’t put your vendor contracts on auto-pilot
January 23, 2015 by
It’s easy, to say nothing of convenient, to get comfortable with business relationships and not to question what the vendors are doing. But in the meantime those vendors have every ability to slip in added costs the administrator does not notice.
Don’t just renew vendor contracts automatically.
The firm can often save money and get better service by putting those contracts out for bid. At the very least, bidding keeps the current vendors honest and on their toes.
How to write the RFP
An effective request for proposals has several elements. Begin by explaining what…
INCREASING PROFITS
How to make 2018 the year you improve value, cut costs, and increase profits
December 5, 2014 by
Are you prepared to handle the competition of 2015? Do you know who’s elbowing in on your firm’s share of the legal market? Are your firm’s partners even aware that there’s a risk?
Ron Friedmann, a consultant with the legal industry-focused management consulting firm Fireman & Company, has spent over two decades improving law practice and legal business operations with technology, knowledge management, and alternative resourcing.
And according to Friedmann, in today’s market, there are a few factors that are putting law firms of all sizes at risk of losing their share. These factors include…
COMPLIANCE
Model Policy: Copyright compliance
May 7, 2014 by
Why you need this policy:
Copyright infringement has become a serious liability risk for law firms:
* In 1991, a mid-sized Washington, DC, law firm was sued for $14 million by a publisher. The case was eventually settled but not until after the firm incurred over $1 million in legal fees;
* In 1999, a large Wall Street firm settled a copyright infringement case for an undisclosed amount believed to be $115,000 per year to the Copyright Clearance Center;
* In 2003, a major financial service firm was ordered to pay $20 million for copyright infringement.
