Legal Business

Recent Posts

Getting serious about associate profitability
Posted on 11 Jan 2011 by Norman Clark

Associate profitability could be the most important management issue for many - maybe even most - law firms over the next three to five years. One of the central features of law firms that have managed to increase profits against declining fee revenues... Read More

Going Paperless
Posted on 10 Feb 2010 by Legal Business Community Team

Many law firms are making plans to go paperless, and many more are expressing interest in the concept. But not many of these companies are considering how they'll move all those e-papers from person to person-with accountability and without impacting... Read More

Increasing Collection Rates
Posted on 12 Feb 2010 by Legal Business Community Team

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... 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

Increasing Collection Rates
Posted on 27 Jan 2010 by Ted Zwayer

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... 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

Partners: Start Your (Marketing) Engines
Posted on 1 Jun 2011 by Tom Kane

According to the "Firms in Transition Survey 2011" reported on Law360 on Tuesday "unproductive and underproductive partners" (read non-rainmakers) will be cut by 20% of the law firm responding to the Altman Weil (no follow) survey... Read More

Gaining Firm Acceptance of a Profitability Model
Posted on 22 Mar 2010 by Kris Satkunas

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... Read More

Gaining Confidence in Alternative Billing
Posted on 23 Mar 2010 by Kris Satkunas

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... 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

The Future Value of Today’s Inventory
Posted on 24 Mar 2010 by Derek Schutz

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... Read More

Will the Future Associate be a Contract Employee?
Posted on 14 May 2010 by Building a Better Legal Profession

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... Read More

A Radical Future For The Legal Industry?
Posted on 14 May 2010 by Martindale-Hubbell Connected

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... Read More