Legal Business

Recent Posts

Training Tips to Maximize Your Software Investment
Posted on 27 Jan 2010 by Legal Business Community Team

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... Read More

Law Firm Succession Planning
Posted on 11 Feb 2010 by Legal Business Community Team

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... Read More

Suddenly Solo Law Firms
Posted on 27 Jan 2010 by Legal Business Community Team

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... Read More

Optimize Your Small, Specialized Law Firm
Posted on 23 Apr 2010 by Legal Business Community Team

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... Read More

Law Firm Succession Planning
Posted on 12 Feb 2010 by LexisNexis Legal Business Community Staff

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"... Read More

Managing Associate Recruitment & Development
Posted on 28 Jan 2010 by Kris Satkunas

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... Read More

Moneyball Indeed!
Posted on 12 Feb 2010 by LexisNexis Legal Business Community Staff

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. Read More

Integration, Training & Professional Development
Posted on 12 Feb 2010 by LexisNexis Legal Business Community Staff

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... Read More

Personnel Policies and the Employee Handbook
Posted on 27 Jan 2010 by LexisNexis Legal Business Community Staff

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... Read More

7 Tips to Manage Your Legal Spend
Posted on 12 Feb 2010 by LexisNexis Legal Business Community Staff

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... Read More

Normalizing Mix Variables in Law Firm Financial Data
Posted on 27 Jan 2010 by Ted Zwayer

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... Read More

How Healthy Is Your Inventory?
Posted on 27 Jan 2010 by Kris Satkunas

All businesses that accumu­late material amounts of ac­counts receivable ("A/R") rely on metrics that measure the turnover of those receivable balances as a gauge of risk and li­quidity. One of the most common metrics used is what... Read More

7 Tips to Manage Your Legal Spend
Posted on 27 Jan 2010 by Ted Zwayer

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... Read More

Milking a Cash Cow
Posted on 27 Jan 2010 by H. Edward Wesemann

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... Read More