Is your compensation system driving away the talent you need to grow? What approach did your firm take when establishing its partner compensation plan? It's likely you chose one of the three traditional systems. There's the old "eat what you kill" method, which is based on individual performance; the seniority/lockstep system, which is determined by the partner's role in the … [Read more...] about How to pay the partners
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Step by step guide to successful lateral hiring
Attracting a lateral hire requires more than sending out a request for resumes. To find the candidate it wants, the firm has to decide on the specific qualifications it is looking for. But more, it has to set a time limit for resume submissions, keep the candidates updated throughout the process, and make an offer the top candidate can't refuse. Here's exactly what we … [Read more...] about Step by step guide to successful lateral hiring
How to let clients know you take their work seriously, without saying a word
As the saying goes, "you never get a second chance to make a first impression." What's the first impression your clients get when they walk into your office? Does it instill confidence that they made the right choice in hiring your firm? Clients lose faith in an office when they see clutter and dusty plastic plants and dirt in the corners. A likely reaction is, "This office … [Read more...] about How to let clients know you take their work seriously, without saying a word
How in the world can anybody stop gossip?
Question: How can a manager effectively put the squelch on office gossip? Answer: Gossip is an issue for almost all managers, and for some it's a plague. It's childish, it's negative, it's damaging to productivity, and it won't stop until the manager does something about it. Over the years, LOM has addressed the problem many times, and what all management experts say is that … [Read more...] about How in the world can anybody stop gossip?
8 pitfalls of letting law firm employees work from home
Contrary to what you might have heard in HR circles, refusing to let employees work from home will not make your law firm a dinosaur that nobody will ever want to work for. In fact, it will put you in the same position as the nearly 65 percent of employers that don't allow telecommuting. But telecommuting does offer significant business advantages. And to the extent you're … [Read more...] about 8 pitfalls of letting law firm employees work from home
Want to jump ahead of the competition? Get everybody aiming for the same thing
No matter what the business, the winning players are always organizations with a motivated and productive workforce. And what maintains motivation and productivity is goals—plus mentoring, coaching, and training to help everybody achieve them. Workable goals admittedly take thought, planning, and a lot of follow-up, says business development and management consultant John … [Read more...] about Want to jump ahead of the competition? Get everybody aiming for the same thing
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
Immigration alert, social media, salary threshold, minimum wage, trafficking and more
By Mike O'Brien bio Immigration alert—more Social Security "no-match" letters to issue this fall: The Social Security Administration (SSA) just announced its plan to mail a second set of "no-match letters" to employers this fall. These notices request employers to reconcile wage reports and credit employees' earnings to their Social Security records, stating there is … [Read more...] about Immigration alert, social media, salary threshold, minimum wage, trafficking and more
Salary threshold increases getting review
By Mike O'Brien bio DOL sends proposed FLSA salary threshold increases to OMB for final review: On Aug. 12, 2019, the U.S. Department of Labor sent its proposed salary threshold rule change to the White House Office of Management and Budget for a final review. This rule would raise the salary threshold for "white-collar" FLSA exemptions (executive, administrative, … [Read more...] about Salary threshold increases getting review
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