Law Office Manager

Billing & collections

3 steps to determine what office help you need

By Diane Camacho When you are at the point where you know you have to get office help, take the time to determine what help you need.  Your neighbor’s brother-in-law may need a job, but he may not be the best bet. The following three step process can help you hire the right help.  Step 1 – Track your non-billable time Create a client/matter number for your … [Read more...] about 3 steps to determine what office help you need

Should a lawyer do administrative tasks to save money?

By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money⁠—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?

Is it a recession or not? The answer may surprise you

By Lynne Curry My in-box filled with questions after I posted a Recession Fears Loom blog. Readers asked how I made sense of the different views voiced by economists and politicians. As a law office manager with responsibilities around staffing and profitability, you are probably watching to see which way the economy goes. Here’s the background, and my answer to “are we … [Read more...] about Is it a recession or not? The answer may surprise you

Artificial intelligence can boost billable hours

Artificial Intelligence (AI) represents one of the latest advances in legal technology. Rather than replacing attorneys and support staff, AI can help lawyers and other legal professionals do more to serve their clients with greater efficiency and less expense. Teaching computers to learn One significant advantage of employing AI is the ability of machines to learn tasks that … [Read more...] about Artificial intelligence can boost billable hours

4 bad financial habits that may increase your policy premiums and your malpractice risk

Ineffective billing and collections practices affect more than the bottom line. They ultimately may determine what the firm has to pay for malpractice coverage. To an underwriter, poor financial habits are just like poor legal habits—they spell high risk for malpractice claims, says Dan Knise, president and CEO of Ames & Gough, a McClean, VA, specialty insurance broker. If … [Read more...] about 4 bad financial habits that may increase your policy premiums and your malpractice risk

Keep your accounts receivable young

Collection work is something that can't wait, because a dollar of receivables doesn't stay a dollar for long. The dollar the office bills this month will be worth only 50 cents six months from now. In a year, it will be worth no more than 23 cents and probably more in the range of 19 to 20 cents. After two years, a 5-cent recovery is about the best any office can expect. Much … [Read more...] about Keep your accounts receivable young

A guide to understanding financial data

Law practice owners, especially those operating smaller firms, tend not to be super-knowledgeable about financial statements and the financial state of their operations, according to Brenda M. Clarke, a partner at Seigneur Gustafson LLP in Lakewood, CO. "They look to their staff, their office managers, their (financial) controllers, to help guide them," says Clarke, adding … [Read more...] about A guide to understanding financial data

To-Dos: Your September office checklist

Now that the summer is over and you're facing the final quarter, it's time to roll up your sleeves and get to work. Here are some important tasks you need to address now to ensure that you finish the year strong and are realistically prepared for next year. 1. Plan your staffing Start thinking about your staffing requirements for the coming year. Will you be adding another … [Read more...] about To-Dos: Your September office checklist

Why budgeting and cash flow forecasting are essential for effective law office management

Regardless of your opinion of budgets, they are vital for building and managing a law practice, says Brenda Barnes, a certified public accountant (CPA) and managing principal of B2 Management and Consulting LLC. She adds that while lawyers often don't appreciate or pay attention to budgets, they are critical to financial planning within your firm. The benefits of a budget … [Read more...] about Why budgeting and cash flow forecasting are essential for effective law office management