By Diane Camacho There continues to be a tremendous push in the legal community from practice management software companies. This has evolved from the use of cloud-based software. What should practice management software do for you? Keep all your client information in one place. Keep all your information available to you on the go. Allow you to enter your … [Read more...] about 6 tips for choosing legal practice management software
Time tracking
Should a lawyer do administrative tasks to save money?
By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?
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! Enter … [Read more...] about 5 law firm billing practices for better cash flow
Take advantage of case management software benefits
By Elizabeth Miller bio Case management software is now so popular in law firms that it is rare to hear of a firm that does not have it. The problem is that even though firms have the software, they don’t take advantage of all the benefits. Managing incoming leads and cases Give your law firm an advantage over other firms by providing potential clients with an exceptional … [Read more...] about Take advantage of case management software benefits
5 ways to keep profit on your radar
By Brenda Barnes bio Practicing law is a tough gig. There is always so much to do to ensure your practice is successful. Focusing on your clients is your first priority, but are you also keeping an eye on your firm’s financial health? After all, staying profitable is not only crucial to your success, but is also important to your clients’ success. To help you keep profit on … [Read more...] about 5 ways to keep profit on your radar
Some not-so-difficult ways to increase revenue
Need a better bottom line? Don't go the way of most firms and start "stripping the heck out of the operating costs." The real dollars come from increasing revenue. And doing that is often more common sense than magic, says financial consultant Michael R. Marget, managing director of 4L Law Firm Services in Tampa. Get under the payment wire The first and easiest way to … [Read more...] about Some not-so-difficult ways to increase revenue
Use weekly financial reporting to keep partners aware of cash flow
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 going on. They see every penny that has come in and gone out. They know how each attorney and each practice area is faring. And they know when to expect extra expenses and what the taxes are likely to be. The … [Read more...] about Use weekly financial reporting to keep partners aware of cash flow
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
Boost quarterly profits with this proven 6-pronged cost cutting plan
Every now and then, office administrators are 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 get overlooked. Go for the obvious. To save the firm money, begin with increasing staff productivity and continue on to reclaiming lost office supplies and capping what the firm pays for … [Read more...] about Boost quarterly profits with this proven 6-pronged cost cutting plan
Clients cite their top 6 turnoff points with law firms
Don't jeopardize repeat business by unwittingly antagonizing the clients. Keeping them satisfied is a worthwhile investment. Lose one client and you have to work twice as hard to find someone else. An Illinois firm developed a list of client turn-offs after it conducted a series of client satisfaction surveys. The firm began its research informally with one-on-one discussions … [Read more...] about Clients cite their top 6 turnoff points with law firms