Practice Management The Evolution of Equity Partner Compensation John C. Scott This article highlights the use of a goal-based system and how it can improve the overall vision partners have for their firm.
Practice Management Closing the Justice Gap: The Power of Subscription Legal Services Kimberly Bennett Close the justice gap and keep up with other service providers by eliminating hourly billing. Subscription legal services are built on developing and growing relationships.
Practice Management Change How You Get Paid: Grow Your Firm Dan Lear Here are three strategies firms can employ relatively quickly to either increase or expedite the collections rate, improve their cash position and increase revenue.
Practice Management Alternative Fee Arrangements Put the Focus on Value, Not Time Shannon Kirk When it comes to law firm billing, hourly billing is still a mainstay of the legal industry. But the billable hour is no longer the only option for law firms.
Practice Management Editor's Note: Welcome to the First All-Digital Finance Issue Courtney E. Ward-Reichard The financial side of the legal business often requires tough decisions. But sometimes increasing profitability simply requires making changes to technology, systems or priorities in order to improve the bottom line.
Practice Management Perspectives: The Financial Aspect of the Practice of Law Mary E. Vandenack Law firms must focus on financial management on a regular basis. Everyone at the firm should be educated in effective billing and collection processes.
Practice Management Ethics: Ready for Your Annual Trust Accounting Checkup Lucian T. Pera Many jurisdictions now have helpful “handbooks,” collecting all guidance on trust accounting and some even have online training.
Practice Management The Thriving Lawyer: Improve Accountability as You Inspire Retention Anne E. Collier Often associates suffer from fear of failure––catastrophizing mistakes that haven’t yet happened. This article highlights the five steps to train, retain, and inspire accountability.
Practice Management Simple Steps: Budgeting for Law Firms Allison C. Johs When preparing your budget, be sure to involve key stakeholders in the process. The process of creating a budget forces the firm’s management to take a hard look, not only at costs and expenses, but also at the firm’s goals and priorities.
Practice Management News and Events: Finance Resources Available to You Zachary Bambacht The Law Practice Division has an array of financial management tools designed to assist you in optimizing your firm's financial health.
Practice Management Future Proofing: Using ChatGPT for Research and Writing Dan Pinnington and Reid Trautz Understanding ChatGPT’s limitations is key to understanding where and how it and similar tools can be used in a law-office setting.
Practice Management Hot Buttons: Everyone Needs Techs Education: Improving Cybersecurity Readiness on a Budget Daniel J. Siegel The reality remains that cybersecurity training is crucial because, no matter the level of training, law firms remain vulnerable targets.
Practice Management Product Watch: Saving Time with TimeSolv Julie Bays TimeSolv advertises that it’s the market leader in usability by offering user-friendly and intuitive features that streamline the process of managing legal billing services.
Practice Management Tech from the Trenches: Talking to a Non-Techie About Tech Roberta Tepper and Laura L. Keeler This Finance issue of Law Practice got us thinking about the dynamics that frequently play out in law firms, when new or updated technology is desired or needed, but the people holding the purse strings are not.
Practice Technology Should Your Law Firm Lease or Buy Equipment? That Is The Question Frederick J. Esposito Jr. The fundamental difference between buying or leasing equipment is with buying the equipment, the firm owns the asset until it is sold or recycled.
Practice Management Managing: Unintentional Lessons in Client Service: Thank You, Airlines Thomas C. Grella For lawyers in law firms, failures are very often due to a desire to avoid giving bad news to a client, and the confrontation that might result.
Practice Management Marketing: Explaining Generative AI: Why Does It Matter Greg Siskind Being conservative and erring on the side of informing clients is probably good business and the right thing to do whether it’s ethically required or not..
Practice Management Practice Management Advice: Close Friends Are the Key to Better Living Carol Schiro Greenwald In this column, I look at some factors that work against a focus on friendship and some reasons why you should begin to reconsider your priorities.
Practice Management Taking the Lead: Taking Breaks Linda A. Klein and John Hinton IV A good break from the mental grind has a restorative effect. This is not a call to work less or to waste time. Rather it is a call to be mindful of whether you are getting the most productivity out of your workday.
