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?
Client relations
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
The forgotten cause of malpractice claims is poor communication
One often ignored cause of malpractice claims is nothing more than poor client communication. People judge their attorneys by the quality of the relationship, explains Nora Bergman, a Tampa attorney and advisor with the Atticus law firm practice management company in Mt. Dora, FL. "That's true of all clients," she says, "whether bluecollar worker or sophisticated banker." They … [Read more...] about The forgotten cause of malpractice claims is poor communication
10 ways managers are improving their law firms
Ah, the woes of running a law office. You know them well: Reams of reports, scheduling squabbles, technology tangles, and so much more. It takes a lot of skill, patience, and strategy to make a law office run smoothly—plus a little bit of help from others who know your pain. That must be why the Reader Tips section of our website is so popular. It contains dozens of solutions … [Read more...] about 10 ways managers are improving their law firms
Personal touch helps win highly profitable corporate clients
It's a first-class presentation, but the corporate business goes to another firm. What happened? The big balloon deflator is that most corporations have their hiring decisions made long before the beauty contest. The winner is almost always the firm that has developed a relationship with the company beforehand, and the selection process is naught but a friendly formality. … [Read more...] about Personal touch helps win highly profitable corporate clients
Avoid disbarment with a conflict-checking procedure
As you know, a conflict of interest occurs when a lawyer or a firm takes on multiple clients who have conflicting goals or interests. And if your law firm does not have a system in place to check for potential conflicts, you could be courting serious trouble with your bar association, clients, or other attorneys, according to Robyn A. Bonivich, founding partner in Robyn's Law … [Read more...] about Avoid disbarment with a conflict-checking procedure
7 quick ways to jump-start your firm’s business development efforts
By David H. Freeman bio Every so often, you may think, "I could use some fresh ideas to jump-start the firm's business development efforts." Or perhaps the managing partner is looking to you for some input on how to grow the business. I have some resources that can help. Over the years, I've produced very short business development tips designed to trigger new … [Read more...] about 7 quick ways to jump-start your firm’s business development efforts
To-Dos: Your February office checklist
February might be a short month, but there's a lot packed into it. Here are 7 areas you can tackle this month to help improve profits, protect the firm, and boost morale. 1. Review each department's revenues. By now the profit and loss statement for 2022 is in. Review the gross revenues of the firm and the revenues for each department if the firm practices in more than … [Read more...] about To-Dos: Your February office checklist
Communication DOs and DON’Ts
Managers still spend a great deal of time communicating face to face, despite the proliferation of technology. However, because of technology, verbal communication skills sometimes take a backseat to written communication skills. Nevertheless, how you say something can be as important as what you say. With this in mind, here are communication DOs and DON'Ts. DO Make sure … [Read more...] about Communication DOs and DON’Ts
Is this essential ingredient missing from your firm’s customer service?
If you believe that your law firm offers exceptional customer service, you might want to think again, says Kelli Proia, a Rhode Island-based intellectual property attorney and founder of Lawducate, a business education firm for lawyers. Proia says the customer service component is sadly lacking in the legal business as a whole, adding that too many lawyers focus on the work … [Read more...] about Is this essential ingredient missing from your firm’s customer service?