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Nov 16

What to do About Falling Realization Rates

Is your firm’s realization rate declining? If so, most firms are in the same boat. According to the 2016 Report on the State of the Legal Market from Georgetown University Law Center and Thomson Reuters Peer Monitor, the average firm’s billing realization rate fell from 94% to 87% over the past 10 years. Collected realization fell from 93% to 83% during the same period.
Setting a goal of 100% realization probably isn’t realistic. But with a concerted effort, you should be able to keep your rate above 90%. Here’s how.

Oct 24

Tips to Improve Attorney Timekeeping

Timekeeping is a necessary evil for every law firm. Even attorneys who work on a contingent fee basis need to keep adequate documentation of their time to obtain court-awarded fees, and lawyers who charge on a flat-fee basis must track their hours to provide accurate time estimates and confirm they’re charging appropriate fees. So how can you get your attorneys to better track their time?

Sep 18

Why Law Firms Should Look to the Cloud

Cloud computing is not exactly new. It has been on the radar of efficiency and cost-minded businesses of all sizes for some time, but law firms have been slower to jump on board, largely because of privacy and security concerns. However, several newer cloud computing options address these issues, and many firms are concluding that the benefits far outweigh the risks.

Aug 30

Gaining a Competitive Advantage: Putting a CRM System to Work for Your Law Firm

Law firms are always looking for a leg up on their competitors. When it comes to gaining the competitive advantage, many firms have implemented Client Relationship Management (CRM) software to provide a consistent experience for clients and prospects. This article will discuss the five best practices for a successful CRM implementation.

Jun 22

What Do Millennial Lawyers Want?

Millennials — generally defined as those born after 1980 — now account for the largest segment of today’s workforce, making up more than one-third of those employed. Like Baby Boomers, and to a lesser extent the Generation Xers that precede them, they will reshape the future of the way business is done in the U.S., including the business of law. More than 21.5% of today’s attorneys are Millennials. This blog focuses on their experiences and expectations as they relate to the legal profession. We’ll review what Millennials bring to the workplace and ways to successfully recruit and retain them at your firm. Looking at people through a generational lens offers useful predictability for those trying to reach, inform or persuade a large cross-section of a population.

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.

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.

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.

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.

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.

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