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
Working with lawyers
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
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
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
7 ways to make your firm stand out among your competition
The competition for clients is fierce and law firms are marketing heavily, says marketing expert Shawn McNalis. That means a firm has to make itself stand out among a deluge of marketing messages and try for "top-of-mind awareness." Surprisingly, that can be done without much expense and even without a marketing department. The key, she says, is to focus on the personal side … [Read more...] about 7 ways to make your firm stand out among your competition
5 ways high-performance organizations make meetings effective
By J. Elise Keith bio Every organization has to figure out how to make meetings productive. It's a complex challenge. To be effective, each meeting needs to engage the individual talents of the people involved, work to achieve the organization's specific goals for the moment, and do so in a way that's both culturally relevant and contextually sensitive to the world … [Read more...] about 5 ways high-performance organizations make meetings effective
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
How to reduce the risk of in-office theft
Theft in law firms comes from all corners, from staff to partners. "It happens more than people realize," says legal management consultant John W. Olmstead, MBA, Ph.D, CMC. In fact, his own experience of working with law firms leads him to estimate that one in nine firms has experienced some type of theft. Every firm needs theft protection. But that protection needs to do … [Read more...] about How to reduce the risk of in-office theft
10 ways to spot a phishing email
By Jay Stromberg bio There is no such thing as a 100% fool-proof security system that can protect your law firm from phishing emails. And that's pretty alarming because phishing is now one of the top ways that criminals infiltrate companies with malware and ransomware. These schemes are developed by cybercriminals to steal your firm's sensitive information or to … [Read more...] about 10 ways to spot a phishing email