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This article addresses how a firm and its management can measure and manage its balance sheet leverage in order to ensure it remains solvent and viable into the future.
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In Part One of this series, the author discussed the skills and experience that law firms must consider when admitting lawyers to partner status. As important as each of these areas is, none is more fundamental than the ability to develop new business.
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How to leverage all your values for greater success.
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Funds can come up missing in any law firm, and the cause can be intentional theft that qualifies as fraud or embezzlement, or an unintentional mistake that shows poor judgment.
Results from our U.S./Canada Client Retention Survey - in a video/animation format.
The loftier the building, the deeper must the foundation be laid." - Thomas Kempis
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When a corporation involved in a high-profile lawsuit last year wanted to find an incriminating text message that a former employee intentionally deleted from his mobile phone, its legal team did not conduct a nationwide manhunt for the sender's device or subpoena his wireless carrier. In the modern era of high-tech litigation, the company's forensic specialists simply used the UFED Touch Ultimate data extraction, decoding and analysis tool from Israel-based Cellebrite Ltd.
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Managing deadlines is a critical part of every law practice. Missed deadlines are frequently one of the most common reasons lawyers get sued or their clients file grievances.
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Though we tend to think that good writing never changes, writing in many parts of the legal and business worlds has probably changed more in the last decade than in any comparable period over the last five centuries. Those who fail to adapt will pay the consequences.
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Partnerships are viable and sustainable only if there is a consistent and sufficient earnings stream to attract talent to the firm. This is accomplished when all timekeepers are personally productive and profitable.