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Accounting And Financial Planning For Law Firms
For the New Year, Copy High Growth Firms by Prioritizing Marketing Investment
Bill Josten
Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm’s brand by cutting back too much on their marketing efforts.
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Accounting And Financial Planning For Law Firms
AI Is Calling Time On the Billable Hour
Jason Brennan
The game has changed substantially for law firms today — the evolution of the legal business model is underway and artificial intelligence (AI) is playing a big role in calling time on the billable hour.
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Marketing The Law Firm
For the New Year, Copy High Growth Firms By Prioritizing Marketing Investment
Bill Josten
In the chaos of this past year, it is easy to lose sight of long-term priorities for the sake of addressing short-term crises. Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm’s brand by cutting back too much on their marketing efforts.
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Accounting And Financial Planning For Law Firms
10 Ways to Prepare for 2021’s Collision of Business and Society
Zach Olsen and Ken Kerrigan
As we enter 2021, we should expect the needs of business and society to continue colliding. But if law firms prepare for those collisions, they can drive better outcomes.
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Marketing The Law Firm
PROFESSIONAL DEVELOPMENT: How to Embrace Virtual Seminars in 5 Easy Steps
Sharon Meit Abrahams
In 2021 everyone in the legal field has a virtual platform, so firms of all sizes can jump in and offer webinars on topics that highlight their firms’ practice areas. Create your own virtual programs by following these 5 steps.
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Marketing The Law Firm
COMPETITIVE INTELLIGENCE: Powering Nonprofits With Research
Stacy A. Zinken
In a time when many of us are searching for ways to help support others, could we use our research super powers to support nonprofit organizations in their philanthropic work? I think Yes!
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Accounting And Financial Planning For Law Firms
Late Year Collections Could Make or Break 2020 Profitability
Lizzy McLellan
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
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Marketing The Law Firm
MARKETING TECH: Leveraging Data to Drive Innovation in A Post-Pandemic (We Hope) World
Debra Baker
With a new year and fresh outlook for the future, the time is ripe for legal technologists and innovators to take the delivery of legal services and client experience to the next level. One key is recognizing that successful innovation — be it turning best practices into standard operating procedures, or reinventing the law firm business model altogether — is equal parts mindset, method and message.
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Accounting And Financial Planning For Law Firms
Is Accountant Malpractice Compensation Taxable?
David E. Kahen and Elliot Pisem
If a taxpayer suffers a loss by reason of errors made by a tax advisor, and the tax advisor makes a payment to compensate the taxpayer for the loss. May the payment be excluded from the taxpayer’s income subject to tax?
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Marketing The Law Firm
DIGITAL DIVE: Right-Resourcing Legal Services
Chase D’Agostino and Andy Banquer
What is the right strategic approach for a legal department to optimize its return on investment for the resources it deploys to render legal services? Of course, there are many ways to get good results, but after helping many corporations navigate their way to a more effective model, here are some lessons learned along the way.
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Accounting And Financial Planning For Law Firms
How to Transform Mailroom Operations for Security, IG and Productivity
Steve Irons
A Permanent Change to How Your Firm Operates
Law firms need a best practice Digital Mailroom operation, not the current scan-to-email workaround, which was a triage solution at the onset of the COVID-19 crisis. Attorneys and staff working from home must have reliable, secure delivery of daily mail which is arriving at the main office.
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Marketing The Law Firm
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Valerie Pennacchio
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
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Accounting And Financial Planning For Law Firms
Right-Resourcing Legal Services
Chase D’Agostino and Andy Banquer
What is the right strategic approach for a legal department to optimize its return on investment for the resources it deploys to render legal services?
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Accounting And Financial Planning For Law Firms
Implications of NJ BAIT for Law Firms
Edward J. Sadowski
NJ Senate Bill 3246 established the “business alternative income tax” (BAIT), an elective business tax regime for pass-through entities. Law firms are left wondering if electing to pay the BAIT is the right choice. This article summarizes how the NJ BAIT works, as well as its pros and cons.
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Marketing The Law Firm
Marketing Tech: When COVID Came, Law Firms Delivered Important Messages in Perilous Times
Nick Gaffney and Lauren Gard
Determining what to say to whom, and when to say it, was anything but obvious to law firm leaders and marketing departments at the start of the pandemic. But nine months in, some clear strategies have emerged for successfully navigating external communications when the future is uncertain and the stakes are high.
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Marketing The Law Firm
Media and Communications: Cision State of the Media Report Provides Better Pitching Tips
Carlos Arcos
Cisions recent State of the Media Report included some useful insight and guidance for PR professionals when dealing with the media, including ways to build positive relationships with journalists and best practices for pitching.
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Accounting And Financial Planning For Law Firms
Why Lawyers Stink At Business Development and What Law Firms Are Doing About It
Valerie Pennacchio
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
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Accounting And Financial Planning For Law Firms
With Expenses Expected to Rise in 2021, Will Demand Match?
Dan Packel
Budget season is in full swing at firms whose fiscal year matches the calendar year, and leaders are exercising a newfound scrutiny over every component of next year’s spending as they prepare for an uncertain 2021.
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Marketing The Law Firm
Defending Your Career: Self Advocacy at Review Time
Sharon Meit Abrahams
Firms have taken a hit due to COVID-19 and some will use this review cycle to pinpoint underperformers and reduce compensation. This is why it’s even more important for you to make a case for yourself.
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Accounting And Financial Planning For Law Firms
COVID-19 Dispels Long-Held Law Firm Operations Myths
J. Mark Santiago
During the COVID-19 pandemic, law firms have learned that a large number of “essential” services and Standard Operating Procedure rules and assumptions about how an office works are 1950’s myths that need to be identified, examined and re-engineered or discarded.
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Marketing The Law Firm
Professional Development: Three Essential Muscles Law Marketers Must Flex While the COVID-19 Crisis Continues
Debra Baker
During times of uncertainty lawyers can hunker down and wait it out, hoping that an opportunity to reengage with clients will present itself. Or they can lean into their discomfort and suspend their self-interest, meeting clients where they are even when there may be no immediate billable work or new business to be had. The latter approach creates a meaningful opportunity for lawyers to deepen relationships and set themselves apart from the pack.
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Marketing The Law Firm
Competitive Intelligence: Back to Basics In Times of Uncertainty
Patricia Ellard
One of the keys to success in competitive intelligence is communication. Effective communication builds rapport with your clients, which, in turn, builds trust and instills confidence that you will be able to get what they need to achieve their goals. During the COVID-19 pandemic, these elements of trust and rapport have never been more important. In times of stress, there is no time, and it’s harder, to build trust and instill confidence.
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Marketing The Law Firm
COVID-19 Dispels Long-Held Law Firm Operations Myths
J. Mark Santiago
During the COVID-19 pandemic, law firms have learned that a large number of “essential” services and Standard Operating Procedure rules and assumptions about how an office works are 1950’s myths that need to be identified, examined and re-engineered or discarded.
Read More ›
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Marketing The Law Firm
How to Use Reddit to Market Attorneys
Lauren Scardella
It’s safe to say that even if law firm marketers are familiar with Reddit, a very small percentage of lawyers are. But Reddit can be a valuable tool to market attorneys and law firms.
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Accounting And Financial Planning For Law Firms
Transitioning to Remote, Electronic Signing for Transactions
Will Norton
The recent move to more remote work environments has prompted many to take a second look at not only e-Signature solutions but also remote online notarization. In order to support transactional practice groups and legal department in making the transition to electronic signing and closings, one must understand the challenges and opportunities of these technologies.
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Accounting And Financial Planning For Law Firms
Communicating During the COVID-19 Crisis
John J. Buchanan
The COVID-19 pandemic has likely changed how law firms operate from now on, and it has affected all areas, from client service and IT to business development and attorney recruiting and advancement. One area that has been especially hit hard is the communications function.
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Marketing The Law Firm
If 2020 Is a Wash, Make 2021 Better By Setting a Marketing Strategy
Amanda Sexton
If you’re feeling drained or unsure what the next year will bring, try doing something optimistic and strategic. Try working on your 2021 budget.
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Marketing The Law Firm
Drumming Up Business While Trumpeting Your News
Vivian Hood
An Integrated Strategy
Despite the current uncertainty, though, developing solid plans with accountability, results and measurement can be done. Preparing a comprehensive business development strategy — one that is integrated with public relations — is more critical than ever to avoid being considered pleasant but boring elevator music.
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Marketing The Law Firm
Communicating During the COVID-19 Crisis
John J. Buchanan
The COVID-19 pandemic has likely changed how law firms operate from now on, and it has affected all areas, from client service and IT to business development and attorney recruiting and advancement. One area that has been especially hit hard is the communications function.
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Accounting And Financial Planning For Law Firms
COVID-19 and Benefit Planning
Lawrence L. Bell
The COVID 19/Pandemic/Shutdown has caused turmoil and upended benefit planning.
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Marketing The Law Firm
Redefining Law Firm Financial Management In An Era of Unprecedented Economic Uncertainty
Ari Kaplan
The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty. To understand their approach, options, and considerations, LSQ engaged Ari Kaplan Advisors to benchmark a range of metrics and perspectives from leaders at an array of organizations.
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Marketing The Law Firm
Make Your Marketing Purr
David McCann
Lessons from Our Pets During a Pandemic
Our furry companions have used this time of “forced togetherness” to cleverly remind me of some pretty useful marketing lessons for a mid- and post-pandemic world. Here are some of my favorites.
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Marketing The Law Firm
Lean In to Business Development with Video
Larry Bodine
Chief Marketing Officers need to lean in to video now with the decline in face-to-face meetings, mano-a-mano networking at events and speeches before in-person audiences, thanks to the pandemic.
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Marketing The Law Firm
Undercutting the Cost of Underperforming Attorneys Is Your Responsibility
Sharon Meit Abrahams
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19, are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
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Marketing The Law Firm
Create a Community To Connect and Empower
Ari Kaplan
I encourage you to cultivate your own community as a means of connecting and empowering your peers. Here are a few ideas to help you launch and maintain a program.
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Marketing The Law Firm
COVID-19 and Working Remotely: Embracing the Changes and the Challenges in a Pandemic
The idea of working together while apart has prompted many law firms to reevaluate and analyze their strategies for operating safely, securely and efficiently. In this roundtable discussion these experts share their experience and insight on driving productivity and engagement during these uncertain times.
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Marketing The Law Firm
How to Make Paid Digital Effective for Post-COVID-19 Law Firm Marketing
Josh Merkin
After spending the last six to eight weeks in COVID-crisis mode, most firms are now eyeing a move toward business recovery. This means that it is also now time for law firms to reevaluate their marketing strategies to ensure they are aligned to support business goals in this new climate. One overlooked area that law firms should consider adding to their marketing arsenal is digital paid media.
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Marketing The Law Firm
Business Development While Social Distancing
Stefanie Marrone
While it is a little more challenging to build relationships that will turn into referrals and new clients today due to social distancing, it is not impossible by any means. It requires shifting to doing more thought leadership and relying on social media and webinars. Here are some ideas on how to incorporate these tools into your marketing and business development strategy and turn your connections into new business and referrals.
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Marketing The Law Firm
The Critical Role of Law Firm PR During the COVID-19 Crisis
Randy Lauzinski
PR is earned and sustainable, especially during a crisis. That’s why PR is positioned to step up, take a leadership position and have the greatest impact on company reputation during tumultuous times. The focus and approach necessarily changes during a crisis, but the work should go on.
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Marketing The Law Firm
A 3-Step Formula to Maximize Your Social Media Effectiveness
Spencer Smith
The Ben Franklin Strategy
Benjamin Franklin will never know this, but he gave us the only social media strategy we need: “Either write something worth reading or do something worth writing.” In the middle of the COVID-19 health crisis, there’s never been a better time for a legal marketing professional to look for the good she or he can highlight within their communities, within their firms or companies, or for individual people.
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Marketing The Law Firm
How Cultivating Existing Client Relationships Can Boost Business Development
Scott Wallingford
Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. This article highlights a few ways to leverage data and software to improve your client experience and create future opportunities.
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Marketing The Law Firm
Want to Increase Creativity to Solve Marketing Challenges During the Pandemic?
Cindy Kremer Moen
Skip the Doritos and Try Meditation
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Marketing The Law Firm
4 Challenges for Law Firm Management In 2020
Jessica L. Mazzeo
Challenges facing us in 2019, while seemingly very distant, deserve attention in addition to the new obstacles our firms face during what may be a temporary flattening of the COVID-19 curve. Here are four areas that law firms must continue to address to remain on the right side of 2020.
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Accounting And Financial Planning For Law Firms
Preparing for the LIBOR Phase Out: Contract Remediation Starts with Contract Intelligence
Ryan Drimalla and Karl Dorwart
The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
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Accounting And Financial Planning For Law Firms
How to Ensure Financial Health Ahead of an Economic Downturn
Derek F. Meek and Hanna Lahr
The economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging than the Great Recession of 2008 in light of the non-discriminative impact of the virus. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future.
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Marketing The Law Firm
7 Steps to Pivot Your Business Now
Kimberly Rice
With national shelter-in-place orders in place now for several months with information on resuming business in the new normal changing every day, lawyers must consider pivoting how they operate their businesses in today’s sub-normal climate.
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Marketing The Law Firm
Match Your Business Development Plan With Your Personality
Glennie Green
It is critical that lawyers determine strategies that match their skills, personalities, and perceptions and experiences.
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Accounting And Financial Planning For Law Firms
How Cultivating Existing Client Relationships Can Boost Business Development
Scott Wallingford
Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. It not only helps your firm prospect for future clients, but also helps you strengthen and expand existing client relationships.
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Marketing The Law Firm
Virtual Training & Mentoring for Summer and First Year Associates
Sharon Meit Abrahams
Conscientious development of associates through training and mentoring enables them to become dynamic, professional, and ethical attorneys who provide high quality service that clients expect.
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Accounting And Financial Planning For Law Firms
Introducing Pricing Transparency to Legal Services
Nathan Cemenska
The COVID-19 crisis has caused a money crunch across industries, and CLD budgets are tightening. This downturn demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.
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