Law Office Manager

Increasing profits

6 proven strategies to make the most of revenues to build profits

Improving the billing turnaround time, increasing the number of attorneys, cutting the expenses: All help the bottom line, but there are higher level issues that require as much or more of the financial attention. The firm's success calls for going past counting the money to evaluating the data, optimising the profit margin, keeping the billing rates up, and getting rid of … [Read more...] about 6 proven strategies to make the most of revenues to build profits

Paying too much office rent? Try these 7 rent-cutters

Can the partners live with less space? After payroll, office space is the firm's second highest expense, in most cases eating up from 7% to 10% of the revenues. With the bite that big, every office needs to look for ways to cut the office cost. Here are some good ways to do just that. And along with them are some lease negotiation factors the firm can use. 1 The same … [Read more...] about Paying too much office rent? Try these 7 rent-cutters

9 ways your firm can avoid the downward spiral of debt

By Elizabeth M. Miller  bio When it comes to debt, I believe that less is more. And it makes me shake my head when I hear about firms going into debt to finance their service business. Borrowing money to finance a law practice is opening the door to unending debt that will self-perpetuate as the borrowing and re-paying continues endlessly. There are always cash flow problems, … [Read more...] about 9 ways your firm can avoid the downward spiral of debt

Lessons from the new-model law firm: how to cut costs, increase revenue and improve profits

Traditional law firms face considerable competition today, particularly from new-model law firms that operate and structure themselves in very different ways, according to Ron Friedmann, an expert in law practice management and partner at Fireman & Company in the Washington, DC area. Many clients are moving work in-house to save money, says Friedmann, who notes that the … [Read more...] about Lessons from the new-model law firm: how to cut costs, increase revenue and improve profits

What’s overshadowing your partnerʼs big revenues?

Any firm can lose money to the very partners who are bringing in the most of it. That's because firms measure partner profitability by revenues only, and that doesn't show the full financial picture, says practice management consultant Andra Watkins of Positus Consulting in Charleston, SC. There's also a subjective side to evaluating each partner's contribution. And that … [Read more...] about What’s overshadowing your partnerʼs big revenues?

3 proven ways to build a more profitable client base

It's always a good idea for any business to revisit its business plan, making sure it's on track with its vision and meeting the needs of its target customers. Usually this review involves asking itself the three big strategic questions: Where is the practice now? Where do we want it to go? How will we get there? But sometimes it's not always easy to clearly identify where … [Read more...] about 3 proven ways to build a more profitable client base

4 ways to get the most out of slow summer days

By Elizabeth M. Miller  bio Summer is here, and with that the inevitable slow-down of the court dockets as judges and judicial assistants make their escape over summer vacation. There are many ways to make efficient use of this downtime that will benefit the firm and keep you on track to end the year on a successful, and profitable, note. Here are 4 ways to make efficient and … [Read more...] about 4 ways to get the most out of slow summer days

Some not-so-difficult ways to increase revenue

Need a better bottom line? Don't go the way of most firms and start "stripping the heck out of the operating costs." The real dollars come from increasing revenue. And doing that is often more common sense than magic, says financial consultant Michael R. Marget, managing director of 4L Law Firm Services in Tampa. Get under the payment wire The first and easiest way to … [Read more...] about Some not-so-difficult ways to increase revenue

Use weekly financial reporting to keep partners aware of cash flow

A Vermont manager has found that running the financial reports weekly instead of monthly is an easy way for the partners to stay always aware and in control of what's going on. They see every penny that has come in and gone out. They know how each attorney and each practice area is faring. And they know when to expect extra expenses and what the taxes are likely to be. The … [Read more...] about Use weekly financial reporting to keep partners aware of cash flow