How to Master Finance for Law Firms
The simple truth about creating and running a financially successful law firm is that it all comes down to having the right tools, indicators and processes in place.
The Finance Issue (September/October 2023)
Volume 49, Issue 5
Articles
Profit Dashboards: Opportunities to Improve Partner Profit and Client Value
Leverage is challenging to improve over the short term but must be on the radar for firms that want to obtain a competitive advantage to attract profitable clients and top talent.
The Evolution of Equity Partner Compensation
Design a compensation system that allows partners to envision themselves as part of your future. This article highlights the use of a goal-based system and how it can improve the overall vision partn…
Closing the Justice Gap: The Power of Subscription Legal Services
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.
Change How You Get Paid: Grow Your Firm
Here are three strategies firms can employ relatively quickly to either increase or expedite the collections rate, improve their cash position and increase revenue.
Alternative Fee Arrangements Put the Focus on Value, Not Time
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.
Regular Features
Editor's Note: Welcome to the First All-Digital Finance Issue
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…
Perspectives: The Financial Aspect of the Practice of Law
Law firms must focus on financial management on a regular basis. Everyone at the firm should be educated in effective billing and collection processes.
Frontlines
Ethics: Ready for Your Annual Trust Accounting Checkup
Many jurisdictions now have helpful “handbooks,” collecting all guidance on trust accounting and some even have online training.
Simple Steps: Budgeting for Law Firms
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…
The Thriving Lawyer: Improve Accountability as You Inspire Retention
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.
News and Events: Finance Resources Available to You
The Law Practice Division has an array of financial management tools designed to assist you in optimizing your firm's financial health.
Technology
Future Proofing: Using ChatGPT for Research and Writing
Understanding ChatGPT’s limitations is key to understanding where and how it and similar tools can be used in a law-office setting.
Hot Buttons: Everyone Needs Techs Education: Improving Cybersecurity Readiness on a Budget
The reality remains that cybersecurity training is crucial because, no matter the level of training, law firms remain vulnerable targets.
Product Watch: Saving Time with TimeSolv
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.
Tech from the Trenches: Talking to a Non-Techie About Tech
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 stri…
Business
Finance: Should Your Law Firm Lease or Buy Equipment? That Is The Question
The fundamental difference between buying or leasing equipment is with buying the equipment, the firm owns the asset until it is sold or recycled.
Managing: Unintentional Lessons in Client Service: Thank You, Airlines
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.
Marketing: Explaining Generative AI: Why Does It Matter
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 Advice: Close Friends Are the Key to Better Living
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.
Taking the Lead: Taking Breaks
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 o…