Improving the billing turnaround time, increasing the number of attorneys, cutting the expenses: All help the bottom line, but there are higher level issues that require as much or more of the financial attention. The firm's success calls for going past counting the money to evaluating the data, optimising the profit margin, keeping the billing rates up, and getting rid of … [Read more...] about 6 proven strategies to make the most of revenues to build profits
Working with lawyers
Wish you’d never said that? Here’s how to save the day and perhaps your job
When you're working in a high-stress environment, it's not uncommon for tempers to flare and words said that shouldn't be. It's unfortunate and, often, unprofessional. And it needs to be corrected as soon as possible. If you've directed an outburst at the boss or made a hurtful remark to your staff, damage control is in order. Mostly, that means an apology—either for what … [Read more...] about Wish you’d never said that? Here’s how to save the day and perhaps your job
Partner retirement: how to keep the clients and assign the business
When a partner retires, the top business concern is if and how the firm can keep the clients. And there's more than one reason to be concerned, says August J. Aquila, of Aquila Global Advisors, a Minnetonka, MN, consulting firm specializing in succession planning, mergers, acquisitions, and strategic planning for professional firms. Obviously, the firm wants to keep the … [Read more...] about Partner retirement: how to keep the clients and assign the business
9 ways your firm can avoid the downward spiral of debt
By Elizabeth M. Miller bio When it comes to debt, I believe that less is more. And it makes me shake my head when I hear about firms going into debt to finance their service business. Borrowing money to finance a law practice is opening the door to unending debt that will self-perpetuate as the borrowing and re-paying continues endlessly. There are always cash flow problems, … [Read more...] about 9 ways your firm can avoid the downward spiral of debt
What’s overshadowing your partnerʼs big revenues?
Any firm can lose money to the very partners who are bringing in the most of it. That's because firms measure partner profitability by revenues only, and that doesn't show the full financial picture, says practice management consultant Andra Watkins of Positus Consulting in Charleston, SC. There's also a subjective side to evaluating each partner's contribution. And that … [Read more...] about What’s overshadowing your partnerʼs big revenues?
Nine traps to avoid when checking for conflicts
Before a law firm accepts any new file, it must first ensure that no conflict of interest exists. Yet, despite having stringent conflict-checking procedures, conflicts of interest are still a serious problem for many firms. How do your procedures stack up? Do they address these common mistakes? Any firm knows a conflict of interest can result in bad things. … [Read more...] about Nine traps to avoid when checking for conflicts
9 ways to stay neutral (and sane) when reporting to multiple lawyers
The job of managing a law office can be unpredictable, because you often don't have the luxury of answering to just one boss. Instead, there are as many bosses as there are lawyers, and the lawyers don't always get along with one another. For that reason, your survival rests on neutrality, says management consultant Donna R. Gary of Legal Administrative Services in … [Read more...] about 9 ways to stay neutral (and sane) when reporting to multiple lawyers
The forgotten cause of malpractice claims is poor communication
One often ignored cause of malpractice claims is nothing more than poor client communication. People judge their attorneys by the quality of the relationship, explains Nora Bergman, a Tampa attorney and advisor with the Atticus law firm practice management company in Mt. Dora, FL. "That's true of all clients," she says, "whether bluecollar worker or sophisticated banker." They … [Read more...] about The forgotten cause of malpractice claims is poor communication
10 ways managers are improving their law firms
Ah, the woes of running a law office. You know them well: Reams of reports, scheduling squabbles, technology tangles, and so much more. It takes a lot of skill, patience, and strategy to make a law office run smoothly—plus a little bit of help from others who know your pain. That must be why the Reader Tips section of our website is so popular. It contains dozens of solutions … [Read more...] about 10 ways managers are improving their law firms
Regain control of your personal life by setting boundaries on your professional life
"Boundary setting is really a huge part of time management," says performance psychologist and author Jim Loehr. And, arguably, everyone needs to manage time, that precious commodity, in order to experience and enjoy life to the fullest. Yet, how do you set boundaries between your personal and professional life? In today's world of constant connectivity, is it even … [Read more...] about Regain control of your personal life by setting boundaries on your professional life