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Unbiased Thinking: A Blueprint for Your Law Firm Billing & Collections Transformation
In our experience, we find that law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. These can be quite significant — at some firms, we have seen profitability drag exceeding 6%.
This is a cost no firm can afford; and to that end, the following offers a blueprint for transforming billing and collections consisting of four "Invoice to Cash" opportunity areas:
- Resource management and efficiency;
- Process consistency and accountability;
- Financial control and reporting; and,
- Technology tools, integrations, and automation.
Resource Management and Efficiency
Resource management and efficiency issues all relate to how firms allocate, coordinate and manage staff responsible for billing and collections. Problems and challenges that arise often include poor firm-wide recovery rates, resource-level issues where realization achieved by specific individuals is too low compared to firm benchmarks, or there is a skill or experience gap.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.