Law Firm Profits

Lawyers spend far too much of their valuable time chasing after unpaid invoices instead of working billable hours. Being able to schedule payments in advance provides both you and your clients with unmatched convenience, and helps ensure steady ...

Analysis of a new report on $19.6 billion of approved legal department invoices reveals that to maximize firm profits, partners should focus on developing and retaining senior associates and providing clients with services in multiple practice ...

Managing a winning major league ball club and operating a highly profitable law firm have more in common than meets the eye. It all comes down to numbers. You wouldn’t be in practice if you didn’t have talent, skill and vast knowledge of the law ...

Key performance indicators (KPIs), or performance metrics, are receiving some attention in the legal field. KPIs enable businesses to make data-driven decisions, and I, too, believe that KPIs are the next big thing for lawyers and law ...

Clio-using lawyers get paid on the same day they issue a bill. Most law firms wait an average of three months for clients to pay their bills. Clio-using lawyers have an advantage over these law firms because they don’t have to spend time ...

The following is an excerpt from the MyCase e-book “Starting a Law Firm: Never a Dumb Question” by Edward Poll. “There is no such thing as a dumb question.” This has been the commonly repeated mantra of teachers everywhere. This ...

Lawyers typically hate numbers like cats hate water (or  Larry Port - December 14, 2015

Question: We’re all working hard to increase revenue from new business and reduce overall spending, but we just can’t seem to improve the bottom line. What is the best thing we can do to improve the profitability of our law ...

Hourly billing actually did not become of age in the legal profession until the 1950s, after a series of reports showed that firms that charged by the hour were more profitable than those that charged on the basis of the service sold. Those ...

Question: I know we're not recouping many of our law firm's costs from clients. How do you effectively manage a cost recovery program? Four members of the Association of Legal Administrators — Grace Carr Lee, Vicki Hughes, ...