Law Firms & Lawyers
The Benefits of Client Satisfaction Surveys
Joy A. Long
As the year winds down and 2020 comes into focus, law firms should think now about sending year-end client satisfaction surveys to their clients. Surveys are a great tool for gathering valuable information about a firm’s performance and for getting a read on clients’ satisfaction levels. They also help identify new opportunities for service expansion, as well as crucial areas for service improvement. This article discusses survey methods and key information law firms should be gathering from their clients, because it’s easier and less expensive to obtain new work from current clients than to prospect and win new clients.
Don’t Panic: How to Prepare for an IRS Audit
No one likes to receive a notice from the IRS that they are being audited, including law firms. But if you receive a notice from the IRS, don’t panic. The best defense is to be prepared.
The Call’s Coming From Inside: Fighting Fraud in Your Firm
Joel A. Herman
Law firms usually are known to be staffed with highly educated and intelligent people, but they are not immune to fraud. In fact, law firms generally share characteristics with other businesses that can make them particularly vulnerable. That is why your law firm needs to know what to look for and how to protect itself […]
Do’s and Don’t’s for Today’s Compensation Plans
The past decade has brought sweeping change to the legal industry, from the influx of Millennials into law firms to growing competition from alternative legal services providers. Yet many firms have clung to compensation plans first devised years ago, in a very different climate. Even firms that have been stubbornly holding out in hopes the […]
What Is Your Firm Waiting For? Study Spotlights Opportunities for Small Law Firms
Joy A. Long
A new study from the Thomson Reuters Legal Executive Institute (LEI) suggests that many small law firms (firms with fewer than 30 lawyers) are largely too focused on maintaining the status quo within their firms. The 2019 State of U.S. Small Law Firms finds that while these firms are well aware that they face numerous […]
How to Raise Rates Carefully
Jacqueline N. Janczewski
Since the end of the recession, many law firms have welcomed increased business, including work for new clients. This sounds like the perfect environment in which to raise the rates you froze — or even reduced — when the economy was weak. On the other hand, the legal marketplace remains competitive and raising your rates […]
How to Handle Collections and Late Payments
For most law firms, it is a familiar pattern: while some clients remit promptly, others drag their feet, and regrettably, some may not pay at all. Because attorneys generally cannot withdraw representation based solely on a client’s failure to punctually pay an invoice, firms must have a system in place that improves collections. Doing so […]
IRS Finalizes Rules for Partnership Representatives in Audits
The IRS has issued its final regulations for the designation, authority and replacement of a partnership representative under the new default audit regime for partnerships.
How a Cost Recovery System Boosts Profits
Joel A. Herman
Recovering costs related to clients’ legal matters is a standard law firm billing practice. However, to ensure you recover costs effectively, you need a strategic cost recovery policy.
11 Steps to a Culture of Client Service Accountability
Now more than ever before, law firms are seeking consultants to help them improve their client service standards and initiatives. In essence; however, what law firms really need is help creating accountability around client service.