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PRACTICE COLUMNS
Law Firm Management
Strategies for Coping With the Economic Downturn
Thursday, July 3, 2008
More managing partners will be confronted with the problem of how to preserve their firmís culture, values and professional and administrative support complement when money is tight. At meetings and retreats that I have planned and facilitated, partners are openly discussing the implications of the continued economic downturn that may result in fewer clients, lower revenue, reduced profits and ultimately, the need for fewer attorneys at the partner and associate level.
SPONSOR SPOTLIGHT
Using Business Plans to Advance the Firm, Compensate Partners
Thursday, June 5, 2008
Personal goal setting has been popular and effective in other professions and industries for many years. Lawyers have been slow in coming around because they are afraid that the exercise will be a waste of time or will restrict how they practice.
Transforming Practice Areas into Profit Centers
Thursday, May 1, 2008
Many larger firms have had long experience in systematically managing practice areas and are now focused on optimizing profitability from each area with the aid of enhanced benchmarking tools and business intelligence software.
Merging Two Firms and Making Them Run as One
Thursday, April 3, 2008
Finding a merger candidate can be a daunting process. However, integrating a merged group of attorneys into a new firm's culture, practice environment and organizational structure so that attorneys from both firms work as one may be a greater challenge.
Implementing an Alternative Billing Program
Thursday, March 6, 2008
Significant changes have occurred within the legal profession during the last decade. Law firms are experiencing the same wrenching changes that their corporate and business clients have endured. Today, lawyers practice in a buyer's market. Lawyers and most of the services they offer are plentiful. Buyers of legal services have a wide range of choices.
Pitching to a Prospect and Getting Your Ducks in Order
Tuesday, January 15, 2008
OK — up and at 'em. It's a new year. Time to dust off those marketing shoes and get to work. Where do you start?
How Does Escalating Compensation Fit in With Today’s Firm Economics?
Friday, January 4, 2008
In a recent article in The Legal Intelligencer, it was reported that the Washington, D.C., law firm of Williams & Connolly, one of the premier litigation firms in the country, may raise its pay for starting associates to $180,000, which is about $20,000 above the market rate in most major U.S. law firms, with a $15,000 to $25,000 boost for its other associate classes.
Strategies to Enhance Cash Flow for the Benefit of Your Law Firm
Thursday, December 6, 2007
Managing partners, financial partners, members of executive committees and administrators must devote more of their time today to planning and managing their firms' finances. This article describes six aspects of law firm management and economics recommended to assist improving a firm's cash flow.
Acquisition of a Foreclosure Practice: Does It Make Sense?
Thursday, November 1, 2007
The managing partner of a 47-attorney, growth-oriented Philadelphia firm recently wrote to me and asking whether it makes economic sense for his firm to acquire as a lateral hire a senior attorney with a foreclosure practice.
Managing Cost-Effectiveness of Legal Services
Thursday, October 4, 2007
The management of progressive law firms are now studying the management and control of the quality and cost-effectiveness of legal services more carefully.
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