LexisNexis® Legal Newsroom
Normalizing Mix Variables in Law Firm Financial Data

Most law firm managers understand the importance that business analysis plays in steering a firm toward success. However, as with so many things in life, a little bit of analysis can be a dangerous thing. Management reporting processes typically collect, organize, and ultimately combine data sets...

Increasing Collection Rates

Good billing practices can help you get paid for the work you've done and improve your client relationships in the process One common experience for small and mid-sized law firms is the growing amount of receivables. Usually, there are two reasons why bills don't get paid on time or at all...

7 Tips to Manage Your Legal Spend

Recent surveys reveal that the second greatest challenge faced by corporate law departments is controlling their budgets, with a large part of the struggle attributed to spending on outside counsel. With increasing demand for legal services, rising law firm fees, and stagnant budgets, corporate law departments...

Milking a Cash Cow

With all of the reporting capabilities of sophisticated time and billing systems, it is easy to lose sight of the most basic rule of law firm economics: Cash in must exceed cash out. To that end, one of the most valuable assets any business can have is a cash cow. Yet, many law firms never benefit from...

Personnel Policies and the Employee Handbook

It is important for efficient management and good employee relations that an employer have carefully considered and clearly stated personnel policies which are communicated to the staff. A number of personnel policies are affected by various labor laws, both federal and state, and some, such as those...

Power Up Your Firm’s Diversity Strategy: Employ BI to Fill the Information Gaps

Diversity is now squarely a priority for law firms. Many law firms have diversity committees, and many have hired diversity directors. Much attention has been paid to firm recruitment and promotion processes. Mission statements, web sites and policies have been rewritten. Unfortunately, few firms have...

Suddenly Solo Law Firms

How to start, run, and grow a successful business when-by choice or chance-you're going it alone For some attorneys, being a solo practioner is an ambition they've been lucky enough to act on. For others, it can be an unexpected reality brought on by downsizing and hiring freezes in a shaky...

Training Tips to Maximize Your Software Investment

How to leverage formal vendor training to optimize your firm's software investment and minimize your time and costs Finding the right practice management software is just part of the challenge for a small law firm. The next step is mastering it-and that applies to everyone involved. As a best...

Managing Associate Recruitment & Development

With the cost structure of firms under assault like never before, every investment must be examined for the potential to improve efficiencies. Because associate recruitment and development represent such significant costs, firms stand to reap big savings by taking a more strategic approach to these activities...

Law Firm Succession Planning

What best practices in the accounting profession can teach small law firms about "passing the torch" A recent article in the Journal of Accountancy offers timely succession planning insights for certified public accountants, which are equally relevant for attorneys who own their own practices...

7 Tips to Manage Your Legal Spend

Recent surveys reveal that the second greatest challenge faced by corporate law departments is controlling their budgets, with a large part of the struggle attributed to spending on outside counsel. With increasing demand for legal services, rising law firm fees, and stagnant budgets, corporate law departments...

Integration, Training & Professional Development

Employers have an enormous stake in the transition from law school to law practice. If personnel costs are the firm's largest expense, and people are its most important assets, it is good business to make every effort to protect such valuable assets. Too often new associates are brought into a firm...

Moneyball Indeed!

Research by Kerma Partners and the Redwood Think Tank shows that incorporating "success factors" into law firm recruiting can have a big impact on firm profits. Read full article authored by James Bergin and Ron Paquette.

Law Firm Succession Planning

A recent article in the Journal of Accountancy offers timely succession planning insights for certified public accountants, which are equally relevant for attorneys who own their own practices. In "A 2009 Tuneup for Your Firm's Succession Planning", Dominic Cingoranelli writes: "The...

Does Bringing this Suit Make Sense?

The second in a series of articles about how to reduce litigation costs while getting better results. The following is adapted from Chapter I.C of Bensen & Myers on Litigation Management . Once the pertinent facts and applicable law are analyzed and a detailed budget prepared, virtually all of...

Gaining Firm Acceptance of a Profitability Model

As law firms grow in size, and expand geographically and across practice areas, the use of firm-wide profitability tools has become a business necessity. But understanding the urgency to adopt or update a profitability model doesn't guarantee its successful implementation. The road to success...

Gaining Confidence in Alternative Billing

The tide appears to have turned in favor of alternative billing solutions. Amid the continued economic tumult, firms are responding as never before to client demands for more creative pricing. As these arrangements play out, however, some firms are likely to find the deals they've struck are less...

The Future Value of Today’s Inventory

Most law firm managers understand intui­tively that the value of inventory (both WIP and A/R) degrades over time, but by how much and how quickly? The ability to un­derstand and answer these two questions is the first step in preparing a realistic, forward-looking valuation model - one that can...

LexisNexis Tips Series: Mastering the Basics of Alternative Fee Arrangements

Rising client demand for alternative fee arrangements (AFAs) has forced an increasing number of law firms to move away from the hourly billing model. In many respects, firms are implementing AFAs in rather entrepreneurial fashion without benefit of proper planning and controls, says Norm Mullock of LexisNexis...

Optimize Your Small, Specialized Law Firm

A few simple rules that you probably didn't learn in law school can take the hassles out of your day-to-day practice management tasks for a better business outcome Most law schools will teach you how to be an attorney-but not how to build a viable practice. The day-to-day realities of managing...

Leverage: The Secret to Increased Profitability

As most legal professionals have discovered, many of the cultural distinctions that have long separated law firms from the business world, when examined more closely, have turned out to be based upon myth rather than the realities of practicing law. One of these myths is that leverage does not significantly...

A Radical Future For The Legal Industry?

Rory Webber, Martindale-Hubbell Connected's Marketing & Community Development Manager interviews legal journalist and MH Connected member, Richard Parnham. In today's difficult economy, many law firms are focusing on how to survive over the next few months. But good times will - hopefully...

Will the Future Associate be a Contract Employee?

The future of the legal profession is full of uncertainty. Will the old habits return as they did after previous recessions, or will these changes be permanent? No one knows for sure, but there are some possibilities and trends to take notice of. Cost Cutting: First of all, corporations have become...

The top ten ways for lawyers to increase client satisfaction

In the current economy, other lawyers will be coming after your clients. Every lawyer would therefore be well advised to increase client satisfaction and protect the relationships that ultimately pay your salary, bonus, and rent. You can't make clients too happy. Review these best practices from...

Case study of a law firm failure… and its aftermath

The final demise of the British firm Halliwells, reported last week in the on-line edition of The Lawyer , is a good case study in the financial failure of a law firm. The Lawyer summarized the factors that led to Halliwells' failure earlier this month . The failure and breakup of Halliwells is...