Blockbuster and Kodak dominated their industries…until they didn’t. Their tales, though inherently different, share a common thread: both were wildly successful companies that failed to adapt and innovate, until they could no longer compete in an evolved marketplace. While neither of these companies were involved in the legal technology industry, their stories should serve as cautionary tales for companies and consumers alike: a lack of vision can have a devastating impact.

In today’s unique atmosphere and environment, it is especially challenging to engage employees. An engaged employee is enthusiastic about his/her work and does positive things to further his/her employer’s reputation and interests. In contrast, a disengaged employee may do only the minimum job requirements or may actively damage his/her employer’s reputation.

In these unprecedented times, many people are working remotely without having signed a remote work policy from their employers. This puts the employer at risk. For protection, employers need appropriate remote work policies in place. Each state has its own specific requirements and regulations regarding types of employees. Please be sure to defer to those policies and regulations to ensure that any remote work policy you create is compliant. When formulating your firm’s policy, here are some things to consider.

There are only so many hours in a day and a finite period of time to work. Therefore, the questions remain: How can billable hours and productivity be increased? How can a timekeeper increase productivity? How can a timekeeper feel more confident about the billable time recorded?

As more and more companies are implementing remote and hybrid work models, firms should review the checks and balances established in their internal procedures. Management has an obligation to administer relevant internal policies that will maintain the firm’s financial and professional integrity.

Earn More Without Working More? Sounds like a dream, but the key is collecting. If you work hard but don’t get paid, you’re losing money. Even a delay of 60 or 90 days costs you money. So, how do you improve collections?

Whether your state calls it an “IOLTA account” or an “ILTA account,” attorneys are responsible for any trust/escrow/IOLTA funds. Most bar associations require a three-way reconciliation of the IOLTA account. Depending on the software you use for managing your firm’s trust funds, this could be as simple as pressing a button and reviewing the report; however, even if your process is that simple, it is important that you understand the “magic” behind the report.

Due to current events, remote work has now become routine. In this new environment, many law firms have not adequately considered how to attract and retain their clients. One issue that should be of concern to every practice is cybersecurity—law firms are second only to financial institutions in being targeted for attack.

The financial health of a law firm is ascertained by analyzing and evaluating many different pieces of information. Law firms, like many other businesses, sometimes evaluate their success based on the amount of money they have in the bank. Although it is very comforting to carry large bank balances, this represents very little about a…