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Tag Archives: law firm profitability

6 Simple Tips for Law Firms Tracking Utilization

6 Simple Tips for Law Firms Tracking Utilization

Note:  The following is a guest post by Amy Kosey, a veteran account executive in with the LexisNexis law firm practice management group. After several years of watching firm’s struggles, downsizing, splitting off and simply flat lining.  It may be time for shareholders to start focusing once again on the best practices to increase partner income. Gone are the days that you ... Read More »

Top 10 Law Firm Collections Challenges and How to Solve Them

How to Develop an Effective Law Firm Collections Strategy

In a Legal Talk Network podcast focused on law firm invoicing and collections, moderator Christopher T. Anderson remarked that upwards of 20% of legal bills are past due.  What is it that’s contributing to this ongoing law firm collections challenge? Some data we both collected and presented at a LexisNexis® Juris® User Group meeting may provide useful insight into the ... Read More »

Discounting Legal Fees Sends the Wrong Message

Discounting Legal Fees Sends the Wrong Message

Note:  The following is a guest post by Ann Guinn. If you are one of the many attorneys who regularly discount fees, you are causing yourself to underearn –and sending the wrong message to your clients. Sure, there are times when a discount is the right thing to do; but chronic discounting is a different story entirely. Let’s consider an attorney ... Read More »

5 Tips from Peter Drucker for Increasing Law Firm Profitability

5 Tips from Peter Drucker for Increasing Law Firm Profitability

Note:  This post was co-written with Loretta Ruppert.   Management guru Peter Drucker wrote his book The Effective Executive in 1967 yet it’s amazing how well his principles stand, the legal industry notwithstanding, in the current business environment. Law is, as Drucker might agree, knowledge work, and the sure path to improving efficiency in knowledge work is to do things better. ... Read More »

3 KPIs to Make a Law Firm More Profitable

3 KPIs to Make a Law Firm More Profitability

It almost sounds like one of those whacky “Lose weight with this one weird trick” internet ads: Some law firms are improving profitability without having to raise billing rates, win new business or without having attorneys bill more hours. These partners are improving their firm’s bottom line by rethinking efficient ways to manage the firm. A Law Firm, a Business ... Read More »

Six Business Metrics Every Law Firm Should Measure

Six Metric Every Law Firm Should Measure

One of the most ethical things we can do is to run a law firm like a business and be good stewards of our finances the budget of our clients said Christopher T. Anderson in a webinar titled Moneyball for Lawyers. The webinar dovetails on the popular 2011 movie by the same title, which is built on the premise that ... Read More »

7 Takeaways from a Geek’s Presentation on Law Firm Pricing

7 Takeaways from a Profitability Geek’s Presentation on Law Firm Pricing

The better law firms are at pricing the better it is for the market.  So said Toby Brown, a law firm pricing specialist and contributor to 3 Geeks and  Law Blog. His comments were provided during an outstanding ABA TECHSHOW session titled, The Changing Face of Large Case Financing & Billing. Lawyers are not comfortable having conversations about fees (both ... Read More »

Five Quick Takes from the Survey of Law Firm Economics

Five-Quick-Takes-from-the-Survey-of-Law-Firm-Economics1

After a week of stories about “big law is dying” the continuation of that news angle was somewhat blunted today with the announcement of the 2013 Survey of Law Firm Economics, which was first published in 1972. The study, conducted jointly by ALM and The National Law Journal, is a survey of 2012 economic figures and “contains information about nearly 10,000 lawyers from 159 U.S. law firms,” ... Read More »

Law Firm Housekeeping: Bill or Goodbye, Partners

law-firm-housekeeping

Note:  This post was originally published by Loretta Ruppert.  In today’s legal economy, it’s not enough to be a good lawyer and practice law. Whereas in the past a law firm evaluated performance of junior and senior associates and acted accordingly, these days even partners are being targeted. But this is not totally new news. In a recent Wall Street Journal article, ... Read More »