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Follow the Money: 4 Roads to Better Law Firm Accounting

4 Roads to Better Law Firm Accounting

When it comes to small law accounting there are two management styles. The old familiar way and the better way. “People tend to shy away from accounting,” says Certified Public Accountant, Deborah J. Schaefer. “But all you have to do is follow the money.” The trouble is, solo and small firm attorneys often get stuck in old comfortable patterns. There ... Read More »

Relationship vs. Engagement

Relationship vs. Engagement

In the world of Professional Services, relationships make or break your Business Development efforts.  I was in a Business Development seminar last year and my friend Jim said something that really resonated: “Most of us in this room work for law firms that are really good at what they do, have offices in the same cities, and charge similar rates.  ... Read More »

7 “Poke the Box” Law Firm Lessons Adapted from Seth Godin

11 “Poke the Box” Law Firm Lessons Adapted from Seth Godin

Take the initiative and good things will happen. Author Seth Godin took the title for his best-selling book, Poke the Box, from the true story of an uncle who built a sort of “busy box” for his son’s crib containing switches, lights and buzzers. Poke one switch and a light turns on. Poke it twice and a buzzer sounds. For ... Read More »

Video Preview: Latest CounselLink Enterprise Legal Management Trends Report

6 Key Metrics

From the time the first edition was published in October of 2013, the CounselLink Enterprise Legal Management Trends Report was unique in its approach. Unlike industry studies based on surveys, the data for the Trends Report was derived from a detailed analysis of invoices processed through the CounselLink ELM solution. Instead of drawing its conclusions from what corporate law departments ... Read More »

Mid-Market Firms Find Value in Big-Law CRM Solutions

Mid-Market Firms Find Value in Big-Law CRM Solutions 1

Underperforming law firms, take cover. According to the latest Association of Corporate Counsel (ACC) Chief Legal Officer’s Study, nearly half of corporate clients say they will more than likely shed at least one lagging law firm this year. But it isn’t all bad news. According to the report, there’s still plenty of opportunity for firms that set themselves apart from ... Read More »

Seven Areas Small Firms Need to Improve on to Succeed in 2017

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The answer to this year’s success may well lie in last year’s financial reports. According to small-firm success strategist Ann Guinn, attorneys can take steps to increase their profitability and improve client satisfaction this year by closely examining the firm’s previous financial investments. She tells the cautionary tale of an attorney who spent a whopping 97 percent of her firm’s ... Read More »

Perspectives from a first-time attendee at Legaltech New York

Legaltech New York CRM

Legaltech New York 2017 was undeniably a key legal technology event. Since this was my first time attending, I was not certain what to expect. Once I learned my way around the multiple levels of the conference center, I experienced overflowing conference sessions, great networking opportunities, a vibrant vendor exhibit hall and interesting conference sessions. Most importantly, I had the ... Read More »

Congratulations On Your New Legal Software! Now What?!

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You did the research. You compared the different options and features and made your choice. You even got the Purchase Order approved (finally). Now it’s time to move into the implementation phase. Set the stage for getting everyone affected by the change, from leadership to staff, working on the same page with these 9 tips for a successful software implementation. ... Read More »

A Blueprint for Legal Department Budgeting and Forecasting – Part 2: Best Practices

a-blueprint-for-legal-department-budgeting-and-forecasting

In Part 1 of this 2-part series on legal department budgeting and forecasting, I discussed many reasons legal departments choose to implement matter budgets. I also identified six key benefits that result from implementing a formal matter budgeting process. This concluding installment explores proven best practices for ensuring the effectiveness of the budgeting and forecasting process. First Things First When ... Read More »

Corporate Law Departments Rank Financial Metrics Most Important

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A new LexisNexis CounselLink study conducted in partnership with the Corporate Legal Operations Consortium (CLOC), indicates corporate legal operations professionals rank financial metrics as most important to the legal department. Participants were asked to rate 15 key metrics on a scale of 1 to 10 based on their level of importance to the business. Each key metric outlined in the ... Read More »