No matter the size of your law firm, maintaining a positive cash flow is essential. The most successful law firms use a variety of best practices to manage their finances effectively, many of which can be implemented relatively quickly. We’ll lay out three different ways you can make small changes to your practice that result in a significant positive impact on your bottom line.
Your agent told you that you don’t want to have a clause in your policy called “The Hammer Clause.” No, it’s not a Pro-Wrestling move and no, you won’t find the term anywhere in your policy. The Hammer Clause is a term of art for forcing a settlement in the Defense, Indemnification, and Cooperation section of your policy. And you need to understand it. It could mean your career.
If you want to practice law in the 21st century, stay competitive, and not lose your license, it’s imperative that you pursue technological competence. To ease you in, we’ve outlined the 8 essential technologies lawyers need to increase efficiency and productivity in a modern practice. Learn more….
Almost all lawyers in private practice are required to maintain a firm trust account under their state’s attorney trust account rules. The rules in various states might be written differently, but the concepts are the same. So let’s get started and learn what you are doing right….and wrong.
A managing partner should never have to make decisions based on speculation. The data exists, and so does the technology, to gather and make sense of it. But without knowing what to collect or how to assess the data, it can be challenging to translate findings into strategy. In this guide, we offer methods and solutions you can implement today to navigate the domains of financial, case, and staff management so you can make data-backed decisions, faster. Read on.
Free Guide: What Can LPMS Do For You?
It’s not uncommon for law firms to view technology as being grafted onto existing, offline office systems. Yet, one of the major advantages of a law practice management system (LPMS) is that it’s a holistic solution for your law firm. In this ebook, Jared Correia Esq covers 5 key processes in practice management that can be addressed through the consistent use of a law practice management system.
Download What Law Practice Management Software Can Do For Your Firm
Chasing down non-paying clients is the bane of most lawyers’ existence. And when you’re already spending an additional three and a half weeks on unplanned work every year, it makes settling overdue accounts that much more frustrating.
While you may not be able to avoid ever having to deal with non-paying clients, here are three things you can do throughout a case to reduce the incidence of non-payment.
Managing a law firm means running through a number of repetitive processes daily to stay on task — from client intake to document generation. These necessary though tedious tasks can take their toll on the efficiency of your practice by draining hours from your workday. The good news: almost any aspect of your law practice can be automated.
Download the Tips for Automating Your Law Practice to learn.
The truth is not all legal work must be performed by an attorney; there’s plenty of opportunity to strategically spread around the workload without forfeiting quality or momentum. Enter effective delegation, which allows your busy firm to increase its output significantly despite limited resources — all naysaying to the contrary.
Download “How to Delegate Efficiently and Effectively”
The 2017 Clio Legal Trends Report contained many shocking statistics about the daily habits and operations of practicing attorneys, but perhaps most jaw-dropping were the statistics on the tasks consuming the majority of attorneys’ precious time, and just as importantly, those tasks not receiving nearly enough of their attention:
The average attorney spends only 1.9 hours per day on billable work.
Attorneys are interrupted on average 6 times per day, resulting in nearly 2 hours of lost time.
Only 86% of revenue from billed time is ever collected.
Take a look at the state of the industry in this infographic, which draws from data in the Clio report…..