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Head-banging Lessons for Starting a New Law Firm

Head-banging Lessons for Starting a New Law Firm

Spend enough time around Ernest (Ernie the Attorney) Svenson and legal technologist Craig Bayer and you’re bound to learn a few things. The two will be leading a CLE webinar today (Tuesday, November 3rd) for attorneys starting their own firms, so it seemed worthwhile to get a sneak preview of how they approach their work with new-firm owners, or those just ... Read More »

Sage Small Law Firm Accounting Advice from an Expert

Sage Law Firm Accounting Advice from an Expert-head

In an effort to save some money, a well-intended small law attorney had been managing his own books.  Now the auditing committee from the state bar association was taking a look – and couldn’t make sense of the data. Given her expertise with accounting software, and a history of teaching accounting at the university level, the auditing committee called Gale ... Read More »

What do New Law Firm Owners Fear? Old Firm Mistakes…

What do New Law Firm Owners Fear

What could possibly be more frightening than starting a new law firm? All too often, dealing with the problems that plague so many older, more established firms. Like troubles getting paid, protecting confidential data in an era when data thefts are everyday news, or worries about malpractice. Confidential Materials. Stop Reading Immediately! What’s the good news if you’re trying to ... Read More »

Tech Feast:  November Lineup of LexisNexis Legal Tech Webinars

November Lineup of LexisNexis Legal Tech Webinars

As the US celebrates a day of thanks this month with the traditional feast, we’ve put together a healthy list of webinars across small law, large law and corporate counsel segments. It’s a different type of feast, an information feast, and one that one won’t leave you feeling lethargic.  Second helpings, in the form of recordings, are usually sent out ... Read More »

23 Things to Change in Law Firm BD and Marketing

23 Things to Change in Law Firm BD and Marketing

If you could change one thing about your law firm, practice, department or function – what would it be? We often pose this as a final question across surveys we conduct and leave the answers open-ended.  The responses are usually candid, unfiltered and pretty insightful.  For example, there are plenty of things lawyers would change about law firm billing. In ... Read More »

Key Metric: The Current Law Firm Billing Rates by Practice Area

Current Law Firm Billing Rates-small

Billing rates in some practice areas are growing faster than others, according to the most recent CounselLink® Enterprise Legal Management Trends report, published last week. The latest report – a mid-year update based on data ending June 30, 2015 – identified “IP-Patent” and “Regulatory and Compliance” as two practice areas where billing rates have risen. As the full report says, ... Read More »

Going Cold Turkey Leads to Cleaner Law Firm Financials

Going Cold Turkey Leads to Cleaner Financials for One Vegas Firm

Note: The following is a post from contributor Carla Del Bove, who provides support to the business of law software product line within the LexisNexis software division. Ever wonder how to motivate a group of resistant legal time keepers and attorneys steeped in old ways embrace a new way of managing financials? According to Barbara Fanning, office administrator for the Las Vegas-based law firm ... Read More »

Infographic: Law Firm Panels and Legal Industry Scorecard

Infographic Law Firm Panels and Legal Industry Scorecard

Even as the largest law firms raise billing rates, corporate counsel continues to consolidate law firm panels. The most recent CounselLink® Enterprise Legal Management Trends Report found “55% of companies in the data pool have 10 firms or fewer accounting for at least 80% of outside counsel fees.”  As the infographic, and 2015 Mid-Year Scorecard, nearby show, law firm consolidation ... Read More »

How Law Firms Plan to Fuel Growth in the Next 12 Months

How Law Firms Plan to Fuel Growth in the Next 12 Months

Competition is the top barrier to growth according to a recent survey of law firms, alongside a deluge of anecdotal evidence.   In response, law firm business development is heating up with the mechanisms ranging from compensation and incentives — to the warming notion of hiring a professional law firm sales force. If the trend towards business development is a strategic shift, ... Read More »

Legal Spend Trends:  Big Law Billing Rates Rising

Legal Spend Trends Big Law Rates Rising-header

A new legal spending trends report finds big law billing rates grew notably – pushing a 6% increase in the gap between the top two tiers of law firms, by attorney headcount, from 38% to 44%. Median partner rates at the “Largest 50” law firms – those with more than 750 lawyers – rose to $711 per hour, based on ... Read More »