Ineffective billing and collections practices affect more than the bottom line. They ultimately may determine what the firm has to pay for malpractice coverage. To an underwriter, poor financial habits are just like poor legal habits—they spell high risk for malpractice claims, says Dan Knise, president and CEO of Ames & Gough, a McClean, VA, specialty insurance broker. If … [Read more...] about 4 bad financial habits that may increase your policy premiums and your malpractice risk
Working with lawyers
How to pay the partners
Is your compensation system driving away the talent you need to grow? What approach did your firm take when establishing its partner compensation plan? It's likely you chose one of the three traditional systems. There's the old "eat what you kill" method, which is based on individual performance; the seniority/lockstep system, which is determined by the partner's role in the … [Read more...] about How to pay the partners
Step by step guide to successful lateral hiring
Attracting a lateral hire requires more than sending out a request for resumes. To find the candidate it wants, the firm has to decide on the specific qualifications it is looking for. But more, it has to set a time limit for resume submissions, keep the candidates updated throughout the process, and make an offer the top candidate can't refuse. Here's exactly what we … [Read more...] about Step by step guide to successful lateral hiring
Want to jump ahead of the competition? Get everybody aiming for the same thing
No matter what the business, the winning players are always organizations with a motivated and productive workforce. And what maintains motivation and productivity is goals—plus mentoring, coaching, and training to help everybody achieve them. Workable goals admittedly take thought, planning, and a lot of follow-up, says business development and management consultant John … [Read more...] about Want to jump ahead of the competition? Get everybody aiming for the same thing
7 ways to make your firm stand out among your competition
The competition for clients is fierce and law firms are marketing heavily, says marketing expert Shawn McNalis. That means a firm has to make itself stand out among a deluge of marketing messages and try for "top-of-mind awareness." Surprisingly, that can be done without much expense and even without a marketing department. The key, she says, is to focus on the personal side … [Read more...] about 7 ways to make your firm stand out among your competition
To-Dos: Your September office checklist
Now that the summer is over and you're facing the final quarter, it's time to roll up your sleeves and get to work. Here are some important tasks you need to address now to ensure that you finish the year strong and are realistically prepared for next year. 1. Plan your staffing Start thinking about your staffing requirements for the coming year. Will you be adding another … [Read more...] about To-Dos: Your September office checklist
How to reduce the risk of in-office theft
Theft in law firms comes from all corners, from staff to partners. "It happens more than people realize," says legal management consultant John W. Olmstead, MBA, Ph.D, CMC. In fact, his own experience of working with law firms leads him to estimate that one in nine firms has experienced some type of theft. Every firm needs theft protection. But that protection needs to do … [Read more...] about How to reduce the risk of in-office theft
Job descriptions make paralegals a profit center
A Phoenix firm realized its paralegal force was not paying for itself in billings. Instead, the group was not only unsupervised but was being given a lot of non-billable work assignments,. In response, the firm set billing requirements, drew up a paralegal job description, and, to encourage its paralegals to exceed the minimum, developed an objective bonus system. Along with … [Read more...] about Job descriptions make paralegals a profit center
Developing productive associates: Why the traditional annual review gets a FAIL!
If the goal is to develop the associates into productive—and profitable—attorneys, the traditional annual review is not enough. There need to be formal reviews twice during the year. And more, there needs to be continuous feedback in the meantime. Many firms have moved away from the lockstep approach of pushing associates up the partnership ladder based on years of service. … [Read more...] about Developing productive associates: Why the traditional annual review gets a FAIL!
Measure your associates’ satisfaction to keep them on board
Do you know whether or not your firm's associates are content or if there is a mass exodus in your future? Find out with a well-crafted survey. Your firm's greatest asset is its associates, yet associate satisfaction is often overlooked. To keep those associates happy, you need to find out what's making them unhappy, and do that with frequent and focused surveys. … [Read more...] about Measure your associates’ satisfaction to keep them on board