Assembling Your Law Firm Avengers: Unleashing the Superpower of Support Staff Profitability
A well-managed, motivated support team is essential for sustainable growth and client satisfaction in the evolving legal landscape.
The Finance Issue (September/October 2024)
Volume 50, Issue 5
Features
Ensuring Attorneys Build in Profit Properly When Drafting Proposals for Legal Work
This article provides a guide to understanding Profit in the legal industry, particularly when responding to potential client requests for proposals (RFPs).
Managing Your Money and Your Time are Surprisingly Similar
Managing your money and managing your time are surprisingly similar. Take back control of your finances and time with these five best practices.
Knowing the Rules for Retirement Planning Is Important at Various Stages of a Lawyer’s Career
Lawyers need to understand the rules on retirement saving and make sensible choices at various times in their lives, taking advantage of very favorable tax provisions that can significantly improve t…
The Ostrich Versus Crow Trust Accounting Approach
Noncompliance with trust accounting rules can lead to disciplinary actions, financial penalties and damage to a firm’s reputation.
The Vanishing Rainmaker and How to Adjust in Today’s Digital Era
The Age of the Vanishing Rainmaker has arrived, where clients search online for lawyers rather than via word of mouth.
Editor's Note & Perspectives
Finance from Many Perspectives
The annual finance issue of Law Practice focuses on the importance of finance for law firms and lawyers.
Understanding Basic Financial Principles
Understanding basic financial principles can help math-averse lawyers have more profitable practices.
Frontlines
Create a Culture of Excellence
You can create an environment in which associates (and your partners) are not hampered by fear of failure.
Identifying Leaks in Your Billing Process
Improving cash flow and identifying leaks in billing and collections systems are crucial for maintaining law firm financial health.
Explaining the Least-Known Ethics Rule
The moral of the new ABA Opinion 510 is simple: Discipline yourself to ease into a potential representation in stages.
The Law Practice Division's Law Firm Finance Interest Group and Finance Resources
Resources provided by LP equip legal professionals with the necessary knowledge and tools to navigate the financial challenges of running a law firm.
Technology
How to Text Like a Pro with Your Old-School Landline
If you have clients who prefer texting, check out Texty Pro, a texting application that lets you send and receive text messages from your landline phone number.
What is CrowdStrike and Why Should Lawyers Care About It?
CrowdStrike, a major player in cybersecurity, became widely known after a software update mishap caused global disruptions. The incident highlights the importance of robust cybersecurity for law firm…
Quick Wins in Practice Management
Notch a quick win and get proof of concept for the very idea that technology can, in fact, improve a lawyer’s practice.
Business
Strategic Planning: The Values Dilemma
One area of planning that was seldom used but has risen in prominence in recent years in planning is the expression of organizational values, sometimes stated as “goals.”…
The Future of Law Practice: Balancing In-Office and Remote Work
The debate over in-office or remote work continues to evolve in law firms across North America. Future-focused firms know this is not a “once and done” debate.
Ethical Issues When Incorporating AI Into Law Firm Marketing
AI feels like it is taking over the legal profession, and that includes law firm marketing and business development efforts. With AI, however, comes important ethical considerations.
The Strategic Role of Cash Flow Statements in Law Firm Management
Cash flow statements are essential tools for law firms, aiding in effective fiscal management to ensure sustainable growth and stability.
Move Your Client Service to the Next Level: Be Their Resource for Anything
To turn transactional matters into ongoing client relationships, develop a pool of other professionals––lawyers and nonlawyers––that can meet clients’ needs related to the matter at hand.
Well Done, Good Friend
A beloved colleague steps down from the practice of law but leaves behind a legacy through the lives that he impacted. He set an example for others to follow.