It's that time of year when law firm administrators need to "calmly and carefully consider how they are going to invest their resources to meet next year's expectations," says business and financial management consultant Gene Siciliano, CMC, CPA, of Western Management Associates in Los Angeles. And the only way to do that is with a realistic and workable budget. Drawing … [Read more...] about If you’re ignoring these 6 rules, you can kiss your budget good-bye
Working with lawyers
The County Law Library: Don’t overlook this FREE and valuable legal resource
According to just about every legal management article, webinar, or podcast, the landscape of the legal market in the past few years has changed—dramatically. Clients, it seems, are firmly in the driver's seat. And with an abundance of legal service providers, these clients are demanding efficient and cost-effective solutions, leading many firms to rethink their … [Read more...] about The County Law Library: Don’t overlook this FREE and valuable legal resource
Simple ways to kill every tried and true legal marketing effort
The most sophisticated marketing can fall flat from the simplest attorney mistakes. Here are five of them. They are outlined by Deb Scaringi, a Boston marketing and business development consultant to professional service firms. 1. When the follow-up becomes stalking The first mistake is too much zeal, or killing a prospect with too much follow-up. Follow-up is essential. … [Read more...] about Simple ways to kill every tried and true legal marketing effort
Plan firm’s transition now even if retirement is years away
Many of us daydream of how we'll spend our retirement years; it's the dream we've chased all of our careers. However, when faced with the reality of this life-changing phase of life, retirement suddenly switches from a dream to a touchy subject—and it's a subject every law office administrator must address and properly plan for, because at some point in the life of your firm, … [Read more...] about Plan firm’s transition now even if retirement is years away
Use this one easy chart to track attorney profitability
A St. Louis administrator has developed a simple chart that tracks the monthly and yearly profitability of each attorney. Its obvious benefits are that it allows the firm to address performance issues immediately and that it provides a solid basis for determining compensation and bonuses. But it goes beyond that, says the administrator. It lets the firm see which attorneys … [Read more...] about Use this one easy chart to track attorney profitability
Just how truthful is that applicant’s resume? Here’s how to find out
There's always tough competition for a good job. And sometimes, to beat out the competition, people do more than brush up their resumes. Some fabricate the facts to get in a better position for winning a job. But there's a way to sort out the facts from the fiction, says Michelle Taylor, PhD, of Taylor Consulting in Huntington Beach, CA, a company that provides psychological … [Read more...] about Just how truthful is that applicant’s resume? Here’s how to find out
How to hold on to clients when a partner retires
Partner retirement is a watershed event, particularly when the partner has originated a large portion of the business or is dominant in the firm's management or practice development. Many firms go through a wrenching period of adjustment when a partner retires. Often the fallout is lost clients, unsettled management and even the breakup of the firm. Retirement is a sensitive … [Read more...] about How to hold on to clients when a partner retires
Make payment and collection policies work together to boost cash
Revenue problems? The best way to solve them is to prevent the collection problems. And the best way to prevent the collection problems is to put in a payment policy and enforce it from the first day. Along with that policy, weed out the poor-pay risks. More still, follow the little tactics that can spell the difference between payment and non-payment. Ignore the collection … [Read more...] about Make payment and collection policies work together to boost cash
4 elements of a successful summer intern program
What makes a successful summer recruiting program? A Philadelphia firm whose program is consistently ranked among the top five firms attributes its success to several factors, says Mindy Herczfeld, director of legal recruiting for Cozen O'Connor. These factors include work variety, strong attorney involvement, and a not-so-competitive environment—as well as personal mentors … [Read more...] about 4 elements of a successful summer intern program
Louisiana firm bases attorney bonuses on amount collected
A Louisiana firm set up an attorney bonus program that rewards not the amount billed but the amount collected. It is attorney-specific, which means the good performers get rewarded accordingly. And the payouts are given every quarter. The program rewards the quality producers, the attorneys who not only put numbers on the books but whose efforts and billable hours … [Read more...] about Louisiana firm bases attorney bonuses on amount collected