Cover Story Accounting and Financial Planning for Law Firms

This article delves into the multifaceted implications of discounting corporate legal fees, exploring both the potential benefits and the risks associated with this strategy.

Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.

Here's the playbook for disruption: Take attorneys out of the equation. Stop building CRM that succeeds or fails on their shoulders. We need to shift the focus and, instead, build the technology from the ground up for the professionals who actually use it: marketing and business development.

Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections

While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates' projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.

More and more, firms are understanding that it's the firm's ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?

As the world ushers in a new era post-pandemic of hybrid operations, it's really no surprise that workplace experience is a top, strategic lever law firm leaders are driving in conjunction with re-envisioning the space their professionals are occupying.

Attorneys retiring and succession planning are critical issues are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, many firms avoid addressing both.