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Law firm leaders understand the concept and importance of profitability. Nevertheless, in many practices, expenses and revenue are not reviewed on a regular basis. While your firm may be focused on other aspects of maintaining business, it is imperative that steps are taken to ensure your firm continuously reviews its
Since the beginning of the 21st century, law firm pricing has evolved significantly. Clients demanded alternatives to the billable hour, and firms responded by introducing new pricing models for their existing services, including fixed fee structures, capped fees, partial contingency arrangements and fixed monthly budgets, among others. Pricing firm services,
It is imperative to stay up to date on the latest technology to keep your law firm running smoothly. However, acquiring current technology and software applications is only one piece of the success puzzle. Most end users use approximately 20% of a software application’s features.
In recent years, an alarming number of law firms of all sizes have failed. It is important to understand what happened with these firms and install certain procedures to avoid similar circumstances. These procedures should help any firm to thrive in the near-term and long-term future.
How automated is your law office payment processing? The longer an invoice lingers unpaid, the less likely it ever will be paid.
The goal of all law firms is to be profitable, but achieving that goal can be difficult for some lawyers. Generating income is, obviously, the first step towards making a profit; of course, income can only be generated if billable hours are accurately recorded and invoiced to clients, and if
Picture this: a new client retained the firm, timely work was performed, invoices were prepared and sent to the client and yet those invoices remain unpaid. Sound familiar? Many law firms have very high accounts receivable balances that are aged over 120 days and these high and aged invoices directly
Legal professionals use a wide variety of tools and methods for tracking time spent on billable matters. Some are sophisticated, while others are more problematic and error-prone; for example, lawyers who use giant spreadsheets that are updated at the end of each day or week or sticky notes to jot
When considering starting a boutique law firm, there are many issues that need to be addressed prior to the first day of business. For instance, if a lawyer is leaving another firm, it is critical that the lawyer read any documentation or current firm policies regarding clients and transferring data.
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