Subscribe to RSS feed

2017
Apr 28

Five Best Practices for Improving Collections

Unlike other businesses, which often stop providing goods and services until clients pay their bill, attorneys generally cannot withdraw representation while waiting for a client to remit an invoice. This article suggests other ways to improve collections, including billing promptly, checking invoices for accuracy and following up with clients as soon as a payment is late. A Sidebar helps attorneys avoid the conditions that lead to late payments.

2017
Mar 31

Looking Ahead: Is Your Succession Planning Up to Speed?

Millennials’ emergence as a prominent demographic highlights the need for many workplaces to prepare for a generational shift. Law firms are no exception, particularly those founded by dynamic Baby Boomer rainmakers. If firms are going to survive and thrive, they must think about how to transfer management and primary client relationship responsibilities from senior partners to their younger colleagues. This article highlights the need for law firms to engage in comprehensive and formal succession planning. A Sidebar discusses replacement of a managing partner.

2017
Feb 17

Four Tips for Strengthening Cyber Security

Law firms of all sizes have sensitive information that make them vulnerable to data breaches. This article outlines four strategies for preventing — or, at worst, minimizing the damage of — a cyber attack. These are encryption, employee training, cyber liability insurance coverage and recovery planning.

2017
Jan 24

Building and Maintaining a Memorable Law Firm Brand

Law firms that invest in creating memorable brands enjoy many benefits, including increased awareness in the marketplace and among their peers. This increased awareness often results in business development opportunities, enhanced recruiting visibility and stronger client relationships. This article explains how a law firm can use its brand to differentiate itself from its competitors and discusses ways to avoid failing to integrate a firm’s brand across the organization.

2016
Dec 14

Ensuring Your Firm Has Adequate Capital

The nature of law firm billing, collections and expenses can create gaps in cash flow that capital must fill, so it is not surprising that firms increasingly are requiring larger capital contributions from partners. This article discusses common financial pressures, ways to determine how much capital a firm needs and how much partners should be required to contribute. A Sidebar explains why a line of credit is not always the best source of capital.

2016
Nov 30

Payroll Management: Three Critical Issues Require Your Attention

Law firms, in light of the Fair Labor Standards Act (FLSA), are facing new challenges when it comes to payroll management and record keeping. This article discusses three payroll issues that require attention: Properly classifying employees and independent contractors; keeping and retaining complete and accurate payroll records; and withholding and paying payroll taxes. A Sidebar explains what professional employer organizations are and how they work.

2016
Aug 25

Law Firm Mergers: Once the Deal Closes, the Hard Work Begins

Many law firms that merge primarily focus on getting the deal done, which means they not be prepared to integrate the two organizations. This article explains how integration planning should start early and be a team effort involving both firms and professional advisors. A transition team should evaluate both practices; determine how staff in duplicative positions can be redeployed; and document internal policies and procedures.

2016
Jul 20

Don’t Let a Disaster Put Your Firm Out of Business

For law firms, the key to surviving a natural or manmade disaster — and minimizing physical and financial damage — is to plan for it. This article provides tips on building a plan that minimizes threats, including assigning emergency responsibilities to specific individuals and regularly backing up electronic data offsite.

2016
Mar 31

Should Your Firm Consider a Two-Tier Partnership System?

Firms that hire and retain only partnership-track associates could be turning away profitable legal talent. This article argues that a two-tier partnership system can make a firm more attractive to both new law school graduates and experienced attorneys nearing retirement. A Sidebar explains how part-time partnerships work.

2016
Feb 17

Improving Your Managing Partner Compensation Model

Managing partners who reduce their rainmaking activities and billable hours to assume administrative duties can end up with smaller slices of the compensation pie. This article proposes a fair and straightforward managing partner compensation model that takes into account objective and subjective criteria.

Older posts «