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...

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...

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...

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...