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
Time tracking
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
The engagement letter: safety comes from clarity
Six things that client needs to know An engagement letter is protection – for both firm and client. It prevents argument on what the firm is expected to do for the client and what the client is expected to do for the firm. Thus, it needs to be clear, brief, and readable. Don't give the client "a scholarly work or something that reads like an insurance policy," says … [Read more...] about The engagement letter: safety comes from clarity
5 partnership points that cause more than the usual headaches
It's the partnership wonder. Many, many firms, from the smallest to the most sophisticated and well known, don't have partnerships agreements. Without an agreement, every facet of the practice is a potential battleground, says Arthur J. Ciampi of Ciampi LLC, a Manhattan company that represents law firms in partnership disputes. Ciampi is also coauthor of a book entitled Law … [Read more...] about 5 partnership points that cause more than the usual headaches
Making the case for case management software
By Elizabeth M. Miller, MBA bio Time management and organization are two of the key components to efficiency and thus, profitability. The value of organized systems in place to gather and store key data pertaining to client files and other important information cannot be overlooked. The answer to the dilemma of storing all data relating to every client file is the … [Read more...] about Making the case for case management software
Six ways to reach the highest possible prosperity
It's the bottom line that counts. That's the firm's profitability. And maximizing it calls for more than bringing in new business. The keys are several—a plan to follow, a strong managing partner to enforce it, a shrewd client acceptance process, partner compensation that rewards cash in hand, lots of leveraging, and culling out the deadwood clients. Those items are outlined … [Read more...] about Six ways to reach the highest possible prosperity
Buried by paper? Time to crawl out and go digital
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 the Winston-Salem VA Regional Office.” In her report, Ms. Halliday described thousands … [Read more...] about Buried by paper? Time to crawl out and go digital
Model Tool: Monthly Attorney Report
Why you need this model tool: No firm can support even an excellent attorney who isn't profitable. Superb skills alone are not enough. Each attorney has to bring in a profit, and the numbers show in plain dollars and cents what profit each attorney is producing. How this model tool helps you: This simple chart tracks the monthly and yearly profitability of each … [Read more...] about Model Tool: Monthly Attorney Report