Archive
Even Lawyers Need to Manage Books
Key Accounting Principles That Every Lawyer Must Know
AboveTheLaw.com
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to join Above the Law and our friends at Clio to learn how to better manager your finances in a free webinar.
Leverage Competition When Selecting Law Firms
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Selecting Law Firms to Propose on Your Work
James J. Stapleton, Managing Principal, LEAP Legal (via InHouseBlog)
I have known some very successful law firm partners who feel that the most important question during the proposal process is not “what does the client want?” but “who else is being considered for the work?” Why? Because everything law firms do is affected by their competition; their fees, their service mix, their client care and all other elements that make up the competitive profile of a specific law firm. Even if an attorney has just a rudimentary understanding of the competition, he should have a strong idea as to their respective strengths and weaknesses.
The Importance of Matter-level Budgeting
401(K) 2012
Matter-level budgeting; It’s not just a number
Colleen Scimeca, InsideCounsel
Many law departments hire outside counsel at “discounted” rates without determining the major tasks expected, the amount of hours to complete the work, the appropriate level of resource performing the work, and possible events that could change the legal work plan. We have seen numerous examples, when comparing similar matters, where the total cost of matters with discounted rates were higher than those with non-discounted rates. Focusing on rates alone, without controlling hours, does not lead to cost savings or containment as the formula for total cost of a matter based on hourly fee matters = (rates) x (hours).
This article continues the series on how a general counsel can create and foster a law department culture that excels in the business of practicing law. Matter-level budgeting is one of the most important components of outside counsel management cost containment.
Get a Haircut, Shave…and Legal Advice?
Legal Cuts
Debra Cassens Weiss, ABA Journal
Connecticut lawyer Don Howard notes that the city of Hartford is “oversaturated with lawyers and barbershops.”
That’s why he has opened a barbershop on Main Street in New Britain and placed his office in the back of the place, the New Britain Herald reports. A criminal defense and personal injury lawyer, Howard hopes that people who come in for a haircut will feel less intimidated about sharing their legal problems with him. “People often talk about their problems in a barbershop,” he tells the newspaper. (read the post)
It’s Time For Your Outside Counsel to Embrace Legal Project Management.
Alex E Proimos
Scott Preston and Ryan McClead, 3 Geeks and a Law Blog
Unfortunately, the hourly billing model actively rewards inefficiency. If it takes fifteen hours to complete a task that should have taken five, then the inefficient lawyer has just tripled revenues. In such an environment even those attorneys that are inclined to actively manage their projects have no incentive to improve their management techniques and the profession as a whole has no impetus to evolve.
We may have continued indefinitely down this path with attorneys managing projects “by ear” and raising their rates ten percent annually, but the economic downturn in 2008 provided a much needed wake up call to the industry. (read the post)
Is Non-traditional Staffing From Your Firm Driving Improved Efficiencies?
Law Firm Survey Shows Efforts to Attract Corporate Law Departments
Brian Glaser, Corporate Counsel
The December 2011 issue of The American Lawyer features the latest edition of its Law Firm Leaders Survey. The lead essay of the survey package, “Building a Breakout Firm,” includes many results of interest to in-house law departments—and the outside law firms hoping to be hired by those departments.
The quest for increased efficiency includes a look at “nontraditional staffing models.” Cohen writes, “Particularly popular is the use of contract attorneys working at the firm or within the client’s legal department. Seventy-six percent of respondents said they used this approach during the past year, up from 55 percent in 2010.” (read the article)
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