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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,
Just because you’re a few rungs from the top of your law firm’s ladder doesn’t mean that you cannot make a significant contribution. Outside of your ordinary course of duties, paralegals like you are often tasked with assisting legal leaders with special assignments, such as preparing preliminary research on making
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
In most law practices, a qualified professional can predict the costs associated with operating a firm relatively accurately. Most expenses are easily forecasted including salaries, facilities and technology. However, revenue is a bit more difficult to predict.
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 a lateral move to another firm, it is important for an attorney to make the appropriate inquiries into each potential firm. A thorough investigation into any potential new firm is necessary, now, more than ever as the COVID-19 pandemic has changed the practice of law. Remote work is
Law firm KPIs, or key performance indicators, are metrics used to evaluate specific goals and aspects of your firm’s success. By tracking KPIs, you obtain valuable data that provides insight into how your firm is functioning and whether your performance is meeting your expectations across specific areas.
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