Law Firms & Lawyers
Beyond Checks: Alternative Methods of Payment are Gaining Ground
Jacqueline N. Janczewski
Paper checks are on the road to becoming obsolete in today’s digital-dominated world. For both personal and professional matters, consumers are more likely to turn to other methods of payment, including credit cards and various payment apps. Although law firms have long relied on checks, in part for reasons related to ethics rules, it may be time to consider the alternatives that clients will probably eventually demand.
What the New Tax Law Means for Law Firms
Just before the end of 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA). Many types of businesses stand to benefit from the sweeping legislation, but the boon for law firms is limited. Here’s a quick review of the TCJA and some of its impact on law firms. The Pass-Through Deduction […]
When Should you Buy or Lease Office Space?
Like many businesses, law firms often face the quandary of deciding to purchase or lease office space. While property ownership comes with several potential financial and tax benefits, it also frequently brings hassles and headaches that you can avoid by leasing space. The correct choice will depend on your firm’s current financial, competitive and geographic […]
What to do About Falling Realization Rates
Jacqueline N. Janczewski
Are your firm’s realization rates declining? If so, most firms are in the same boat. According to the 2016 Report on the State of the Legal Market from Georgetown University Law Center and Thomson Reuters Peer Monitor, the average firm’s billing realization rate fell from 94% to 87% over the past ten years. Collected realization fell from […]
Tips to Improve Attorney Timekeeping
Joel A. Herman
Timekeeping is a “necessary evil” for every law firm. Even attorneys who work on a contingent fee basis need to keep adequate documentation of their time to obtain court-awarded fees, and lawyers who charge on a flat-fee basis must track their hours to provide accurate time estimates and confirm they’re charging appropriate fees. So how can you get your attorneys to better track their time?
Why Law Firms Should Look to the Cloud
Cloud computing is not exactly new. It has been on the radar of efficiency and cost-minded businesses of all sizes for some time, but law firms have been slower to jump on board, largely because of privacy and security concerns. However, several newer cloud computing options address these issues, and many firms are concluding that the benefits far outweigh the risks.
Gaining a Competitive Advantage: Putting a CRM System to Work for Your Law Firm
Joy A. Long
Law firms are always looking for a leg up on their competitors. When it comes to gaining the competitive advantage, many firms have implemented Client Relationship Management (CRM) software to provide a consistent experience for clients and prospects. This article will discuss the five best practices for a successful CRM implementation.
What Do Millennial Lawyers Want?
Millennials — generally defined as those born after 1980 — now account for the largest segment of today’s workforce, making up more than one-third of those employed. Like Baby Boomers, and to a lesser extent the Generation Xers that precede them, they will reshape the future of the way business is done in the U.S., including the business of law. More than 21.5% of today’s attorneys are Millennials. This blog focuses on their experiences and expectations as they relate to the legal profession. We’ll review what Millennials bring to the workplace and ways to successfully recruit and retain them at your firm. Looking at people through a generational lens offers useful predictability for those trying to reach, inform or persuade a large cross-section of a population.
Five Best Practices for Improving Collections
Jacqueline N. Janczewski
Unlike other businesses, which often stop providing goods and services until clients pay their bill, attorneys generally cannot withdraw representation while waiting for a client to remit an invoice. This article suggests other ways to improve collections, including billing promptly, checking invoices for accuracy and following up with clients as soon as a payment is late. A Sidebar helps attorneys avoid the conditions that lead to late payments.
Looking Ahead: Is Your Succession Planning Up to Speed?
Millennials’ emergence as a prominent demographic highlights the need for many workplaces to prepare for a generational shift. Law firms are no exception, particularly those founded by dynamic Baby Boomer rainmakers. If firms are going to survive and thrive, they must think about how to transfer management and primary client relationship responsibilities from senior partners to their younger colleagues. This article highlights the need for law firms to engage in comprehensive and formal succession planning. A Sidebar discusses replacement of a managing partner.