Tracking law firm KPIs or key performance indicators, can give you insight into how your firm is performing and allow you to make informed decision about your business. Every law firm’s measurement for success is different so it’s important to determine which KPIs will produce the greatest amount of growth.
I didn’t get the outcome I wanted, so I’m not going to pay you. Sound familiar? Law firm McCarter & English sued their client to collect $2 million in legal fees from a client who lost at trial. It’s a scenario that’s replayed daily throughout the country. When it comes to
He stole from their clients. A law firm employee stole the identities of 20 clients. Working with several accomplices, this employee went on a “theft spree,” stealing $170,000 in cash, expensive clothing, jewelry and an additional $31,000 from a local Neiman Marcus. Think about that for a moment. A law
There are some important tax to-dos you’ll need to complete before filing. Are you ready? It’s a good idea to approach this proactively, but where do you start? With understanding. #1:Gather all pertinent tax information for your law firm#2: Closeout outstanding receivables and payables#3: Prepare for an audit #4: Strategize
What’s the best compensation plan for your business? Hazard #1: Emphasizing Revenue over profits Hazard #2: Prioritizing Billables over Realization Hazard #3: Focusing on Rainmaking instead of Service Hazard #4: Incentivizing personal success over firm success Hazard #5: Sacrificing health for financial rewards The best compensation plan for your firm
By Andrew McDermott When it comes to legal software, most firms are hampered by mistakes that threaten their firm’s future earnings. Here’s the caveat with these problems. They’re not obvious. What’s worse, these mistakes aren’t mentioned upfront at all. If you’re not aware of these mistakes, you won’t know to