One topic very few law firms, small or large, ever discuss with associates is why and how they can/should be profitable.
When I was practicing as an associate, I had a conversation with the managing partner. The subject of profits and billing came up, though I don’t remember how or why. I showed him what percentage my billings were of the firm; I showed him what my expense to the firm was. (Most of these numbers were available at that time; they may be more difficult to get today.) And I showed him what my “profit” to the firm was (though I had no clue about the realization rate of my billings by the firm). (more…)
With rising malpractice insurance premiums, what can we do to keep our costs as low as possible?
Shop the carriers. But, this will go only so far because all carriers are facing the same issues of rising costs from earlier poor underwriting judgements, increased litigation against lawyers and a generally poor investment market.
What is in the control of law firms, however, which will help control this cost? Good client selection and good client relations policies! Here are some specific suggestions.
Be choosy. Select clients who can afford to pay for the services they request. (more…)
Did you know that banks will, as of on or about November 1st, convert their paper check system to an electronic system? If my understanding is correct, vendors will be paid (e.g., by a paper check); they will then convert the check into an electronic transaction and either keep, return or, most likely, destroy the paper check. (more…)
The Business of Law�� continues to look for ways to help you become more profitable and more effective in the way you practice law. Our services provide solutions to your law practice management challenges and include coaching (weekly interactions), consulting (based on your specific needs), books, audiotapes, seminars (keynotes for retreats and MCLE), teleseminars and articles. (more…)