Need to Protect Sensitive Data? Get it Out of Your Office.

When people think of high-profile hacks, their minds don’t usually drift to the legal world. However, recent security breaches at several large firms, including Cravath, Swaine & Moore LLP and Weil, Gotshal & Manges LLP, have highlighted the vulnerabilities law firms face. In fact, after one such event, Manhattan US Attorney Preet Bharara said the incident “should serve as a wake-up call for law firms around the world: you are and will be targets of cyber hacking, because you have information valuable to would-be criminals.”

Law Firm Cash Flow: You Should Aim for “90 in 90”

As a veteran of nearly 39 years of real law practice (by “real” I mean a broad general practice serving the general public, small businesses, families, and individuals in a myriad of contract, trial, and appellate matters), I know the importance of cash flow.

In my quest for financial security and success, I have perused every bar journal article, attended numerous practice management CLE’s, and varied my approach to billing and collections to see what worked. Find out what I learned.

Want to Charge Higher Fees? Offer Credit Card Payments.

When it comes to credit cards, it’s well established in the field of behavioral economics that people who use plastic are unconsciously willing to spend more than those who pay with cash, a phenomenon known as the “credit card premium.” But there are a few other important behaviors you need to know which will help you retain clients easier if you accept credit cards.

Are You Missing Out on Clients Because You Don’t Accept Credit Cards?

By 2017, it is estimated that 95% of non-cash transactions will be paid by credit or debit cards. That leaves just a mere 5% paid through traditional paper check payments. Many attorneys are beginning to recognize if they don’t accept credit cards already, they may need to reconsider in order to facilitate collection of fees in the very near future.

How Can I Compete on Value? Every Client Shops on Fees.

Every time a client makes the decision to retain a lawyer, they weigh the fee against the value of your services. If your fee is too high relative to the (perceived) value they will receive, they are not going to retain you. Therefore, if you don’t have a compelling value proposition, you must reduce your fee in order to get the client to retain you. And no lawyer really wants to do that, right? Because then you are competing based upon fees (cost proposition) and that is a losing game. So, what do you do?

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