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02.05.15
Does My Law Firm Need Malpractice Insurance?
Because the cost of fighting a malpractice claim is generally higher than the cost of malpractice insurance premiums, many law firms buy coverage. Unfortunately, firms tend to set their policies aside to gather dust. This can spell financial disaster when a claim arises and coverage is inadequate. This blog looks at two types of malpractice insurance policies and how to choose the best provider.
01.06.15
Five Ways to Improve Client Relationships
For most lawyers, building and strengthening relationships with clients is an ongoing activity. Even the most personable and conscientious attorney experiences the occasional misunderstanding with a client — or even loses one for good. But there are several simple things attorneys can do immediately to build trust and promote client satisfaction.
11.25.14
Five Tips for Reducing Fraud at Your Firm
Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves take advantage of such complacency. This blog discusses five basic controls that law firms can implement to help deter fraud.
10.21.14
How Lawyers Should Deduct Unreimbursed Business Expenses
The rules for deducting unreimbursed business expenses are complicated enough that it may be tempting to forgo the process altogether. But attorneys who neglect to take such deductions on their federal tax returns are likely leaving money on the table.
09.30.14
Five Ideas for Cutting Overhead Costs at Your Law Firm
This blog offers five suggestions to cut overhead and improve profitability at your law firm: Renegotiating the office lease, outsourcing services, buying smarter, reviewing employee benefits and making the most of technology.
08.27.14
What You Need to Know About Professional Liability Insurance
Practicing law without professional liability insurance can be a financial disaster. But lawyers have options when it comes to the amount and type of liability coverage; even the price may be flexible. This article discusses the basics of malpractice policies and how insurers set rates.
07.17.14
Paralegals May Hold the Key to Profitability
Although the roles and responsibilities of paralegals (or legal assistants) can differ widely by firm, these employees ideally spend minimal time performing administrative work. By the same token, firms must be careful not to give their paralegals work that should be handled by lawyers. This article explains how to get this balance right.
06.23.14
How to Make Part-Time Partnership a Viable Option
To keep productive partners and reduce high turnover costs, firms need to offer lawyers options that allow them to enjoy a better work/life balance. One such option is a part-time partnership track. Before implementing this option, however, it is essential that management fully embraces the concept and formalizes the terms and responsibilities. This article examines how to do that.
06.02.14
Cutting Costs: Get Real About Your Real Estate Needs
Next to salaries, real estate typically is the largest expense item on a law firm’s income statement, making it a critical target for cost reduction efforts. This article examines how savings come not only from having smaller offices, but also from standardizing offices and adopting telecommuting options.
04.24.14
The Virtual Office: An Idea Whose Time Has Come
Sole practitioners already have widely adopted a virtual office model for cost and logistical advantages. In addition to reducing expenses and increasing convenience, a virtual or hybrid office may enable a law firm to expand into new geographic markets and simplify service offerings.