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An age-old joke goes something like this: a person walks into a bank and says, “How can I not have any money, I still have checks left?”. Although checks may be unfamiliar to some younger generations, the comparison between revenue and income is akin to this difference. A firm can
Artificial Intelligence (AI), at its core, is about creating intelligent systems that perform and/or expedite tasks that are traditionally manual and time-intensive. In law firms, AI has been particularly impactful by making document management and analysis processes more efficient.
Understanding the financial health of your law firm can be a complex task. One critical metric is your law firm’s profit margin. But what is it, and more importantly, what is considered a good profit margin for a law firm? Let’s explore these questions, discuss the average law firm revenue,
As a law firm owner, selecting the right compensation model is a critical decision that can significantly impact your firm’s success. The perfect model can attract top talent, motivate your team, foster a cooperative culture, and drive your firm’s profitability. With a variety of law firm compensation models to choose
Your law firm’s realization rate is a key performance indicator that should be used to inform strategic decision-making and contribute to the overall success and stability of your firm. Improving your law firm’s realization rate can be achieved by employing a few effective strategies: accurate time tracking and billing, regular
If you’re not already leveraging legal case management software in your practice, what’s stopping you? Case management systems are the cornerstone of better client management, enhanced efficiency and productivity, robust accountability, and comprehensive audit trails. With a centralized location, managing your legal cases becomes a breeze, allowing you to focus
You know that feeling when you’re working on a jigsaw puzzle and can’t find the one piece you actually need? That’s how law firm financial reporting can feel at times. Between handling intricacies like client trust accounting, making sense of diverse compensation models, and breaking down the profitability of cases,
Legal management software is essential to the functionality of your law firm. Managing and prioritizing legal tasks for your team can be a daunting task without it – but, updating your software can be daunting as well. After relying on the same legal management software for years, it can seem
If your law firm’s current technology solution isn’t working, it’s time to consider an end-to-end solution that will cater to all your business needs. When your firm has decided to incorporate new legal technology into its practice, you must apply a comprehensive onboarding and training process to help ensure buy-in,
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