More Partner Income

Leverage - The 2009 Scenario

Four times per year we host the Redwood Forum, which is a chance for Redwood users to get together online and talk about business intelligence, law firm management and finance, and the role our tools play in that space. The following post is guest authored...

Published 11-20-2009 10:22 AM by MichelleStPierre

Filed under: Leverage, profitability, associate hiring, Redwood Forum, profits per partner

Around the Web

We've been quite busy around here with the rollout of the new LexisNexis/Redwood Planning Application so I thought this week I'd bring you some coverage of Redwood from around the web. First off, Norm Mullock - Vice President, Product Strategy...

Published 11-19-2009 10:36 AM by MichelleStPierre

Filed under: Alternative Billing, alternative fee arrangements, Know Your Alternatives, planning application, project management, events, uk

Know Your Alternatives: Another Week – Another Conference

As I mentioned last week, there is no doubt that alternative arrangements are the hottest topic this year. It is by far the number one topic firms are asking about and the number one conference topic as well. Therefore given this is near and dear to my...

Published 11-13-2009 2:08 PM by RussHaskin

Filed under: Alternative Billing, Leverage, alternative fee arrangements, Know Your Alternatives, law firm managment, boutique firms

Key Performance Indicators

I recently read an article posted on Bruce MacEwen's blog Adam Smith, Esq. titled " The Great "Laterals" Conversation, Chapter 2 ". The article itself is insightful and speaks largely on (surprise, surprise) lateral hires. However...

Published 11-12-2009 4:46 PM by DerekSchutz

Filed under: Risk managment, billing and collections, law firm managment, Age of WIP, age of A/R, bill speed, collect speed, key performance indicators, Age of uncollect

DIY or Not?

We all have home improvement projects on our To Do list. Are you a do-it-yourselfer or do you prefer to hire someone to get the job done right? If you're like me you just keep procrastinating because you know you CAN do it, but you never seem to have...

Published 11-12-2009 7:46 AM by MichelleStPierre

Filed under: Alternative Billing, matter planning, alternative fee arrangements, profitability, planning application, planning service, rfp

Know Your Alternatives: The Never Ending Series

I realized when I started this series that hypothetically it could go on forever. In previous posts, we have discussed fixed fees, capped, fees, contingent work, value based pricing, retainers, and other alternatives to the standard hour arrangement....

Published 11-05-2009 3:38 PM by RussHaskin

Filed under: Alternative Billing, alternative fee arrangements, fixed fees, value based pricing, Know Your Alternatives, retainers, contingent work, ACC, capped fees

The Art and Science of Business Intelligence

It is not unusual today for companies to compete on analytics, as Thomas Davenport famously wrote about in the article "Competing on Analytics" for the Harvard Business Review in 2006. There are companies in the non-legal space who have built...

Published 11-04-2009 10:37 AM by MichelleStPierre

Filed under: Law Firm Bus Model, law firm analysis, business intelligence, analytics, competing on analytics, business development, law firm managment

Know Your Alternatives: Capped vs. Fixed Fees

In previous posts I have referred to my preference to the fixed fee arrangement . In addition I have also commented that as firms are building their repertoire and gaining trust with clients, capped fee arrangements could be the answer, especially those...

Published 10-28-2009 10:51 AM by RussHaskin

Filed under: Alternative Billing, economic outlook, Costs, alternative fee arrangements, fixed fees, Know Your Alternatives, project management, fees, capped fees

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

The 2009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's annual meeting this week in Boston , has some interesting notes which are relevant to what we've been blogging about lately: Predictability...

Published 10-22-2009 11:16 AM by MichelleStPierre

Filed under: Alternative Billing, Cash Flow Issues, economic outlook, Costs, alternative fee arrangements, profitability, billing and collections, client service, fixed fees, retainers, contingent work, legal fees, client satisfaction, associates, legal spending, surveys, ACC

Know Your Alternatives: Contingent Work Basics

At our User Conference this year we had a presentation called "Contingent Work: Worth the Investment?" The title of this presentation poses a question that is asked by many firms, especially those that are large in size. There are many boutique...

Published 10-20-2009 11:53 AM by RussHaskin

Filed under: Alternative Billing, Risk managment, alternative fee arrangements, Know Your Alternatives, contingent work

Know Your Alternatives: Retainers - Using an Old Friend

The reality is that the majority of firms have concerns when it comes to their billing and collection practices. There is a lag in activity and that causes a loss in realization and an opportunity lost for re-investment (Time Value of Money.) That said...

Published 10-16-2009 3:26 PM by RussHaskin

Filed under: Alternative Billing, Cash Flow Issues, alternative fee arrangements, billing and collections, Know Your Alternatives, retainers, time value of money

Pervasive Business Intelligence

In a speech at Computerworld 's Business Intelligence Perspectives conference in September, Dan Vessett, an analyst at IDC (global provider of market intelligence) spoke about "pervasive Business Intelligence." He theorized that corporate...

Published 10-15-2009 8:08 AM by MichelleStPierre

Filed under: Firm Culture, business intelligence, analytics, project management, law firm managment

Notes on Diversity from the Counsel to Counsel Summit

Today's post is guest authored by Grace Lee. Grace is the Product Manager for Lexis Diversity Insight. I was just at Martindale-Hubbell's Counsel to Counsel Summit in LA last week, and it was an energetic and thought-provoking event. The overall...

Published 10-14-2009 12:44 PM by MichelleStPierre

Filed under: diversity

Notes from the 2009 Redwood User Conference: Driving Value

This post is guest authored by Chris Katchuk who worked hard to help organize the 2009 Redwood User Conference in Chicago from September 22-23. By the year 2004, Redwood Analytics had been providing Business Intelligence products and services for a few...

Published 10-09-2009 7:21 AM by MichelleStPierre

Know Your Alternatives: The Blended Rate - An Alternative Arrangement or Not?

It may seem odd to jump from speaking about the "pinnacle" of the alternative arrangements ( the fixed fee ) to what many consultants believe is not an alternative arrangement at all, the blended rate. The reason for the jump is simple. I have...

Published 10-07-2009 12:59 PM by RussHaskin

Filed under: Alternative Billing, blended rates, alternative fee arrangements, Know Your Alternatives

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