When you hear the term Revenue Cycle Management (RCM), your mind might first associate it with the healthcare world. However, in a law office, managing your revenue cycle is just as crucial. From client intake and billing to payments and collections, every step of your firm's financial workflow needs to be streamlined and error-free. That’s where regular RCM audits come in, … [Read more...] about Revenue Cycle Management Audits: A Law Office Manager’s Guide
Recordkeeping
End-of-Year Compliance Review Checklist
As the year draws to a close, it’s the perfect time for law office administrators to take stock of compliance practices and ensure the firm is on solid ground heading into the new year. From trust accounting to CLE compliance, a thorough review can help identify any overlooked details, maintain regulatory standards, and set a strong foundation for the months ahead. Use this … [Read more...] about End-of-Year Compliance Review Checklist
9 ways to maximize collections and boost revenue
Maximizing collections is crucial for maintaining a healthy cash flow and sustaining the growth of your firm. By implementing strategic initiatives and adopting proactive approaches, you can significantly boost your collection efforts. In this article, we will guide you through essential tips and best practices to help you optimize collections and increase revenue for your law … [Read more...] about 9 ways to maximize collections and boost revenue
To-Dos: Your June office checklist
As we near the end of the second quarter, it's a good time to see if the firm, staff, and you are all on track with respect to the goals you set in January or if any course corrections are needed. Here are a few areas you can address. 1. Check the budget. Review the budget to see if and where alterations are needed. Are the goals still appropriate? Are employees making good … [Read more...] about To-Dos: Your June office checklist
6 tips for choosing legal practice management software
By Diane Camacho There continues to be a tremendous push in the legal community from practice management software companies. This has evolved from the use of cloud-based software. What should practice management software do for you? Keep all your client information in one place. Keep all your information available to you on the go. Allow you to enter your … [Read more...] about 6 tips for choosing legal practice management software
How and why you need to carefully screen cold calls from potential new clients
What's your firm's process for dealing with a potential new client? What happens when someone sends the firm an email asking for a quote for a real estate transaction or when a frantic caller leaves a long, detailed voice mail message about why she wasn't to blame for the fatal car crash being covered on the morning news? Who takes the call? How are calls prioritized? And is … [Read more...] about How and why you need to carefully screen cold calls from potential new clients
Nine traps to avoid when checking for conflicts
Before a law firm accepts any new file, it must first ensure that no conflict of interest exists. Yet, despite having stringent conflict-checking procedures, conflicts of interest are still a serious problem for many firms. How do your procedures stack up? Do they address these common mistakes? Any firm knows a conflict of interest can result in bad things. … [Read more...] about Nine traps to avoid when checking for conflicts
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
Pop Quiz: How well do you understand the new FLSA overtime rules?
Sandra Hoyle-Smith, SPHR of B2 Management & Consulting recently gave a webinar to Law Office Manager subscribers outlining the new FLSA (Fair Labor Standard's Act) overtime rules and how these changes will affect law office staff. What's changing Effective December 1, 2016, the minimum salary level for non-exempt employees is increasing. What this means for law firms is … [Read more...] about Pop Quiz: How well do you understand the new FLSA overtime rules?
Buried by paper? Time to crawl out and go digital
In a report dated August 9, 2012, Linda A. Halliday, the Assistant Inspector General for Audits and Evaluations of the Department of Veterans Affairs, called for immediate action to address the “Risks Associated with Veterans Claims Folder Storage, Building Integrity, and Employee Safety at the Winston-Salem VA Regional Office.” In her report, Ms. Halliday described thousands … [Read more...] about Buried by paper? Time to crawl out and go digital