Practice Management

Our Big Move

Posted on July 11, 2009
It will be a few more days until the movers come back with the rest of our furniture and this URL redirects you to our new site, but the rest of the bloggers and I have been busy so here's our new address: http://www.lexisnexis.com/Community/redwoodanalytics/blogs/morepartnerincome/default...

We're moving!

Posted on July 11, 2009
Our new home in the Redwood/LexisNexis communities is just about ready. We're putting on a fresh coat of paint and then we'll be ready to invite y'all over for a visit! Keep checking MorePartnerIncome.net - the URL, as well as all of the bloggers you love, will be moving with us! Registered users of the blog will also receive an email notification - so consider it your engraved invitation to come visit, even if you haven't seen us in a while...

Our Big Move

Posted on July 10, 2009
It will be a few more days until the movers come back with the rest of our furniture and this URL redirects you to our new site, but the rest of the bloggers and I have been busy so here's our new address: http://www.lexisnexis.com/Community/redwoodanalytics/blogs/morepartnerincome/default...

We're moving!

Posted on July 07, 2009
Our new home in the Redwood/LexisNexis communities is just about ready. We're putting on a fresh coat of paint and then we'll be ready to invite y'all over for a visit! Keep checking MorePartnerIncome.net - the URL, as well as all of the bloggers you love, will be moving with us! Registered users of the blog will also receive an email notification - so consider it your engraved invitation to come visit, even if you haven't seen us in a while...

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How BI Deployment Can Be Like a Plane Crash

Posted on May 14, 2009
At Redwood, we know a lot about implementing Business Intelligence systems at law firms, as we've been involved in hundreds. We don't know much about plane crashes, but Malcolm Gladwell dedicates a whole chapter to them in his newest book, "Outliers: The Story of Success...

How BI Deployment Can Be Like a Plane Crash

Posted on May 06, 2009
At Redwood, we know a lot about implementing Business Intelligence systems at law firms, as we?ve been involved in hundreds. We don?t know much about plane crashes, but Malcolm Gladwell dedicates a whole chapter to them in his newest book, ?Outliers: The Story of Success...

Leaving it on the Table

Posted on May 02, 2009
I have a nasty little habit of tossing change down in random places in my home, office and car and subsequently losing it. All of my co-workers know that if they need change they can just dig around my desk drawers. Sometimes I find it later, sometimes I don't...

A Bright Spot Ahead for Firms

Posted on May 02, 2009
Despite the state of the economy, there might actually be a bright spot on the horizon for firms who are willing to creatively staff and plan matters, and use leverage to move work to lower cost attorneys located outside of the U.S. Please click the post title to continue reading at MorePartnerIncome...

Leaving it on the Table

Posted on May 01, 2009
I have a nasty little habit of tossing change down in random places in my home, office and car and subsequently losing it. All of my co-workers know that if they need change they can just dig around my desk drawers. Sometimes I find it later, sometimes I don?t...

A Bright Spot Ahead for Firms

Posted on April 28, 2009
Despite the state of the economy, there might actually be a bright spot on the horizon for firms who are willing to creatively staff and plan matters, and use leverage to move work to lower cost attorneys located outside of the U.S. Please click the post title to continue reading at MorePartnerIncome...

Law Firms Focusing on Collections Should Not Overlook Billing Practices

Posted on April 24, 2009
It is no shock that law firms, reacting to the current economy, are focusing on collections. Cash is still king. Collections push efforts have moved beyond the 4th quarter and are now equally important in all periods. Collection opportunities are analyzed, delinquent clients are squeezed, and write offs are scrutinized more than ever...

Part Two of Leverage: Friend or Foe

Posted on April 24, 2009
In Leverage: Friend or Foe of Maximized Profits per Partner I discussed an approach that a firm could use to address the dropping demand for legal work. In short, this approach suggested that a firm could reduce their supply of legal work to match current demand by cutting heads in its most junior ranks, the ranks that produce the lowest $PP contribution...

Martindale-Hubbell Connected Launches Networking for Lawyers

Posted on April 24, 2009
Social networking has evolved significantly from pressing the flesh at boring seminars and dinner events to the online world of LinkedIn and other such sites, and at LexisNexis we're proud to be a part of that world now. Today marks the launch of Martindale-Hubbell Connected...

LEVERAGE: Friend or Foe of Maximized Profits per Partner?

Posted on April 24, 2009
There has been a significant amount of debate on the subject of leverage over the past few weeks, and there appears to be some passion around the concept. Articles have attempted to show that it does not work, while others tout its value. My belief is that regardless of economic conditions, more leverage is better than less leverage if the end goal is generating the maximum possible Profit Per Partner ($PP)...

Too Good To Be True

Posted on April 24, 2009
Shortly after I graduated college I had just been dumped by college sweetheart, was not happy with my original career choice, and my billfold was getting smaller and smaller as the country was in a recession. Safe to say I was in a bit of a quarter-life crisis and my confidence was slightly south of nothing...

The Lost Measure: Cost of Capital - Stress Test Your Firm

Posted on April 24, 2009
When I started working with law firms in 1999, I used to have heated (and futile) debates about the importance of the time value of money in assessing firm (or practice, billing lawyer, etc.) performance. My argument was simple. Take the law firm business model to any venture capitalist and pitch them: "I have a great business for you...

RFP's: A Necessary Evil

Posted on April 24, 2009
As we're all aware, in today's economic climate there is a big focus on cost reduction. It's no surprise, then, that RFP's are being used with even greater frequency by purchasers of legal services. The concept is not new, but the extreme focus on price across a large percentage of those companies probably is...

Law Firms Focusing on Collections Should Not Overlook Billing Practices

Posted on April 15, 2009
It is no shock that law firms, reacting to the current economy, are focusing on collections. Cash is still king. Collections push efforts have moved beyond the 4th quarter and are now equally important in all periods. Collection opportunities are analyzed, delinquent clients are squeezed, and write offs are scrutinized more than ever...

Part Two of Leverage: Friend or Foe

Posted on April 14, 2009
In Leverage: Friend or Foe of Maximized Profits per Partner I discussed an approach that a firm could use to address the dropping demand for legal work. In short, this approach suggested that a firm could reduce their supply of legal work to match current demand by cutting heads in its most junior ranks, the ranks that produce the lowest $PP contribution...

Martindale-Hubbell Connected Launches Networking for Lawyers

Posted on March 31, 2009
Social networking has evolved significantly from pressing the flesh at boring seminars and dinner events to the online world of LinkedIn and other such sites, and at LexisNexis we?re proud to be a part of that world now. Today marks the launch of Martindale-Hubbell Connected...

LEVERAGE: Friend or Foe of Maximized Profits per Partner?

Posted on March 30, 2009
There has been a significant amount of debate on the subject of leverage over the past few weeks, and there appears to be some passion around the concept. Articles have attempted to show that it does not work, while others tout its value. My belief is that regardless of economic conditions, more leverage is better than less leverage if the end goal is generating the maximum possible Profit Per Partner ($PP)...

Too Good To Be True

Posted on March 24, 2009
Shortly after I graduated college I had just been dumped by college sweetheart, was not happy with my original career choice, and my billfold was getting smaller and smaller as the country was in a recession. Safe to say I was in a bit of a quarter-life crisis and my confidence was slightly south of nothing...

The Lost Measure: Cost of Capital ? Stress Test Your Firm

Posted on March 10, 2009
When I started working with law firms in 1999, I used to have heated (and futile) debates about the importance of the time value of money in assessing firm (or practice, billing lawyer, etc.) performance. My argument was simple. Take the law firm business model to any venture capitalist and pitch them: ?I have a great business for you...

RFP?s: A Necessary Evil

Posted on March 09, 2009
As we?re all aware, in today?s economic climate there is a big focus on cost reduction. It?s no surprise, then, that RFP?s are being used with even greater frequency by purchasers of legal services. The concept is not new, but the extreme focus on price across a large percentage of those companies probably is...

RFP's: A Necessary Evil

Posted on March 06, 2009
As we?re all aware, in today?s economic climate there is a big focus on cost reduction. It?s no surprise, then, that RFP?s are being used with even greater frequency by purchasers of legal services. The concept is not new, but the extreme focus on price across a large percentage of those companies probably is...

Closing the Barn Door

Posted on March 05, 2009

Strategic Leverage: Just as Important as Ever

Posted on February 25, 2009
It is part of my job to make sure I am up to speed on all the economic movements of firms here and abroad as this economic downturn has not trickled down but headed full- fledged into the legal industry. Each day I read article after article about associate and staff layoffs at firms of various sizes and peer status...

A Different 2011 Scenario: Leverage Expands

Posted on February 20, 2009
Over at the AmLawDaily, Paul Lippe recently caught our attention here at Redwood Analytics with his sensational headline, (“Welcome to the Future: The 2011 Scenario and the End of Leverage,”) but we’re having trouble connecting the dots to get to Mr...

Merit Based Systems?

Posted on February 19, 2009
The recent  NYT article, “Chill of Salary Freezes Reaches Top Law Firms”, once again highlights that the recession is causing many firms to rethink their compensation structure. In the short term that means freezing salaries. “There is this sense that firms didn’t act prudently during the boom and now they are getting religion, and that it’s better [...

Watch This Space

Posted on February 19, 2009
Keep watching MorePartnerIncome.net, now sponsored by Redwood Analytics as part of LexixNexis, as we bring you more of the thoughtful content you've come to expect on the financial management of the law firm.  We welcome your comments and ideas, and look forward to offering insightful financial management techniques and business practices for law firms...

The Corporate Management Structure: Viable in the Legal industry?

Posted on November 25, 2008
In a former career I consulted within the corporate world. There, the majority of companies used a management approach where levels of managers would have direct reports that would scale upwards to higher levels- essentially a vertical corporate structure...

Alternatives to the Billable Hour

Posted on November 18, 2008
For years, there has been much talk, and decidedly less action, on “alternatives to the billable hour.” GC’s say they want this, and firms say they are willing to provide these options, but neither side tends to “walk the walk” in a way that matches up with their stated intentions...

Client Stages?a new way of looking at a client?s life cycle

Posted on November 11, 2008
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry...

Client Stages - A new way of looking at a client?s life cycle

Posted on November 11, 2008
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry...

Heller in the Cellar

Posted on November 04, 2008
I read this article on the downfall of Heller Ehrman with great interest. What this doesn’t say is that Heller was a firm who last year had profits per partner in excess of $1,000,000, and in 2004 was ranked 2nd on the American Lawyer’s A List...

Law Firm Talent Management Doesn't Stop with Recruiting

Posted on October 30, 2008
Without question, gaining an understanding of the characteristics of successful lawyers within individual firms can help firms to make wiser recruiting investments.  The “Moneyball” project worked on by Kerma Partners and Lexis Nexis’ Redwood Think Tank focused on the characteristics of lawyers before they entered the law firm studied...

Moneyball Indeed!

Posted on October 29, 2008
Buzz abounds concerning the recent “Moneyball” project completed by the Redwood Think Tank and Kerma Partners.   A lot of the reaction seems to focus on trying to apply the results for a specific firm to the industry as whole...

Why the Year End Collection Push is Not a Best Practice

Posted on September 09, 2008
 It is that time of year again, at least for the early starters, when the legal industry begins its preparations for the year end collection push. The push has become an industry standard and buzz word over time. Each year countless hours are put into collecting massive amounts of receivables every December in order to meet targeted [...

Associate Salary Increases & Firm Margins

Posted on September 04, 2008
  It should come as no surprise to anyone that the most recent wave of associate salary increases have helped to erode law firm profit margins. Whether the wave begins in west coast technology firms, or east coast financial capital firms, its effects are felt beyond big law in the mid-size and regional firms headquartered in the mid-west [...

Management Report Do?s and Don?ts

Posted on September 01, 2008
I was recently asked to speak at a conference on the topic of management reports and how firms are using them to help run their businesses.  It is a topic that I have been fortunate enough to gain a lot of insight into over the years.  Often I am handed a stack of reports and [...

Managing Partner Advocate Summer Issue In The Mail

Posted on June 30, 2008
The summer issue of the Managing Partner Advocate is now in the mail.  This issue is focused on ways to combat the effects of a contracting economy.  Highlights include retaining talent, managing associates, planning for the unexpected, measuring marketing activity and measuring timekeeper profitability...

Valuing Your Firm's Inventory

Posted on June 27, 2008
Most law firms understand intuitively that the value of inventory (both WIP and A/R) degrades over time, but by how much and how quickly? The ability to understand and answer these two questions is the first step in preparing a realistic, forward looking valuation model; one that can identify opportunities and drive action, rather than simply [...

Associate Attrition Skyrockets By Year 5

Posted on June 18, 2008
The Association For Legal Career Professionals recently released an Update On Associate Attrition covering the 2007 calendar year.  The numbers are striking: Overall percentage of associate attrition was 18% for 2007; 24% of these associates had been on the job for two years or less; 74% of 2007 departing associates left the firm within 5 or fewer years [...

Forecasting Collections and Inventory Management

Posted on June 12, 2008
 In today’s unstable environment, driven by outside economic forces, higher associate salaries, and increased competition, law firm leaders are faced with the tough job of forecasting cash collections. Many existing forecast methodologies focus on production and collection realization...

Blawg Review # 163

Posted on June 09, 2008
Now that it is finally the turn of More Partner Income to host Blawg Review, it is tempting to stray from our mission.  For those who may expect this, I'd like you to join me for a moment of digression, as I whisk you away to a remote vineyard in southern France, placing you at [...

RainToday Report: 76% of Law Firms Discount Fees

Posted on June 06, 2008
Pricing has been a frequent topic at More Partner Income.  Some past topics include the science behind pricing, the ill effects of inflation on pricing, pricing management, and discounting. RainToday has recently released the Fees & Pricing Benchmark Report:  Law Firm & Legal Services Industry 2008...

Hosting Blawg Review # 163 Next Week

Posted on June 05, 2008
More Partner Income will be the guest "blawg" on BlawgReview next week.  If you would like to submit a blog to be reviewed, please refer to the submission guidelines that can be found here. Related posts The Science Behind Pricing Client Profitability: What Is The Cost Of Partner Time? What Does a Paperclip Have to Do [...

Partner Cost and Client Profitability (Part VI)

Posted on June 03, 2008
This is the last in a 6-part series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client profitability...

Tax Reform Up For Grabs

Posted on May 29, 2008
With the tax cuts enabled during the Bush administration coming to an end soon, lobbyists and tax attorneys are lining up to offer their opinions on how the tax code should be reformed. According to an article in the National Law Journal (Firms Gear Up For Critical Tax Polcy Changes), "[a]bout $4 trillion worth of tax [...

Partner Cost and Client Profitability (Part V)

Posted on May 27, 2008
This is the fifth in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client profitability...

Does A Cult Of Personality Dictate Your Firm Strategy?

Posted on May 27, 2008
David Maister wrote an article in 2007 related to the conditions that confront firms who face strategic changes (Are We In This Together? The Preconditions For Strategy).  In it he wrote of four types of personalities: Type 1 is the solo operator who values independence, wants to ...

Partner Cost And Client Profitability, (Part IV)

Posted on May 27, 2008
 This is the fourth in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client ...

Does A Cult Of Personality Dictate Your Firm Strategy?

Posted on May 23, 2008
David Maister wrote an article in 2007 related to the conditions that confront firms who face strategic changes (Are We In This Together? The Preconditions For Strategy).  In it he wrote of four types of personalities: Type 1 is the solo operator who values independence, wants to make little investment in the future, but is willing [...

Partner Cost And Client Profitability, (Part IV)

Posted on May 20, 2008
 This is the fourth in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client profitability...

Managing Partner Forum Attendees: Business Development Most Effective Way To Improve Profitability

Posted on May 19, 2008
This past week, The Remsen Group held the Southeast Managing Partner Forum in Atlanta.  Fifty-eight participants attended representing thirty-nine firms in the Southeastern region.  According to 23% the participants, marketing and business development was the most effective way to improve long-term profitability...

Managing Partner Forum Attendees: Business Development Most Effective Way To Improve Profitability

Posted on May 16, 2008
This past week, The Remsen Group held the Southeast Managing Partner Forum in Atlanta.  Fifty-eight participants attended representing thirty-nine firms in the Southeastern region.  According to 23% the participants, marketing and business development was the most effective way to improve long-term profitability...

Partner Cost And Client Profitability, (Part III)

Posted on May 15, 2008
This is the third in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client ...

Partner Cost And Client Profitability, (Part III)

Posted on May 13, 2008
This is the third in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client profitability...

Law Firm PEPP "Bubble" To Burst?

Posted on May 12, 2008
Since 2000, law firm PEPP (profits per equity partner) have increased on average 11% for Amlaw 100 firms and 8% for Amlaw 200 firms.  Some observers fear that, like other markets that have sustained growth periods at or near double digits in the past 10 years, the law firm partner ...

Partner Cost and Client Profitability (Part II)

Posted on May 12, 2008
This is the second in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client ...

Survey Targets Business Development In Law Firms

Posted on May 12, 2008
ALM Research recently released the 2008 Law Firm Business Development Practices Survey, which targets two "tiers" of law firms:  those listed in the AmLaw 200, The Global 100, and the NLJ 250 (Tier 1) and those not listed (Tier 2).   Though the survey is mostly focused on large firms, the average number ...

Client Profitability: What Is The Cost Of Partner Time?

Posted on May 12, 2008
The following is the first in a series of posts on compensation written by Ron Paquette, an analyst with Redwood Analytics, now part of LexisNexis.  Ron is a new contributor to the blog who we hope will write regularly. Most law firms want to evaluate client and matter profitability...

Measuring Your Law Firm's Billing Cycle

Posted on May 12, 2008
One of the observations in the 2007 Law Firm Economic Survey by LexisNexis and a focus of the 2008 Survey (in progress) relates to cash flow.  According to the 2007 Survey, all firms had a slow billing cycle.  On average it took firms 170 days from providing a service to ...

The Science Behind Pricing

Posted on May 12, 2008
The April 2008 Scientific American contains an article titled Why Things Cost $19.95:  What Are The Psychological "Rules" Of Bartering? (hat tip: Matthew Homann, in his blog the [non]billable hour).  The article explains the effects that initial pricing has on a potential buyer based on a series of tests...

Law Firm PEPP "Bubble" To Burst?

Posted on May 09, 2008
Since 2000, law firm PEPP (profits per equity partner) have increased on average 11% for Amlaw 100 firms and 8% for Amlaw 200 firms.  Some observers fear that, like other markets that have sustained growth periods at or near double digits in the past 10 years, the law firm partner profit "bubble" may soon burst [...

Partner Cost and Client Profitability (Part II)

Posted on May 06, 2008
This is the second in a series on partner compensation and client profitability written by Ron Paquette, consultant with Redwood Analytics, now part of LexisNexis.  The first article, titled Client Profitability: What Is The Cost Of Partner Time?, was an introduction to the concept of allocating partner cost in calculating client profitability...

Survey Targets Business Development In Law Firms

Posted on May 02, 2008
ALM Research recently released the 2008 Law Firm Business Development Practices Survey, which targets two "tiers" of law firms:  those listed in the AmLaw 200, The Global 100, and the NLJ 250 (Tier 1) and those not listed (Tier 2).   Though the survey is mostly focused on large firms, the average number of attorneys for Tier 2 [...

Client Profitability: What Is The Cost Of Partner Time?

Posted on April 29, 2008
The following is the first in a series of posts on compensation written by Ron Paquette, an analyst with Redwood Analytics, now part of LexisNexis.  Ron is a new contributor to the blog who we hope will write regularly. Most law firms want to evaluate client and matter profitability...

Measuring Your Law Firm's Billing Cycle

Posted on April 25, 2008
One of the observations in the 2007 Law Firm Economic Survey by LexisNexis and a focus of the 2008 Survey (in progress) relates to cash flow.  According to the 2007 Survey, all firms had a slow billing cycle.  On average it took firms 170 days from providing a service to collecting payment on it...

The Science Behind Pricing

Posted on April 22, 2008
The April 2008 Scientific American contains an article titled Why Things Cost $19.95:  What Are The Psychological "Rules" Of Bartering? (hat tip: Matthew Homann, in his blog the [non]billable hour).  The article explains the effects that initial pricing has on a potential buyer based on a series of tests...

The End of Generally Accepted Accounting Principles?

Posted on April 21, 2008
In the April, 2008 issue of CFO magazine, the cover story reads:  "Goodbye GAAP:  It's Time To Prepare For the Arrival Of International Accounting Standards".  These international standards, called the International Financial Reporting Standards (IFRS), are being sought to replace generally accepted accounting principles (GAAP), an evolving set of accounting ...

How To Compensate A Rainmaking/Investor "Muted" Partner?

Posted on April 21, 2008
A reader emailed me with a question related to the compensation of a non-practicing equity partner whose responsibilities include only the investment of capital in the firm and bringing in new clients.  The firm has a niche practice and is looking to expand...

The American Airlines Fiasco And Customer Service

Posted on April 21, 2008
As I sat in a terminal in Chicago O'Hare after a week of ridiculous delays and cancellations, I finally believed I was almost home.  Instead it was dripping water for the forehead, dirty carpet for a bed. This week was a long travel week for me, as I had presentations to ...

Alan Greenspan Versus The World - The Debate Matters To Law Firms

Posted on April 21, 2008
There are differences in opinion on regulation of financial markets.  On the one hand, Alan Greenspan takes a mostly hands-off approach to financial markets, except when risks to the economy appear.  Martin Wolf, among others, have criticised Mr. Greenspan for his policies that they believe contributed, even caused, the current credit ...

Cash Flow An Important Metric For Law Firms

Posted on April 21, 2008
No matter how much you work, until you convert it to cash it is worthless.  The average days in the law firm cash flow cycle (from worked to collected) is 169 (source:  2007 Law Firm Economic Survey from LexisNexis).  Shortening your cash flow cycle has a positive impact to liquidity and thus ...

Discounting At Law Firms

Posted on April 21, 2008
I received an email from Brendon Carr, foreign legal consultant and host of the Korea Law Blog, regarding a recent post of his, ?I Don?t Care What You Charge; Whatever It Is, It?s 15% Too Much?.  The post discusses a request from a new client for an across-the-board 15% discount ...

Large Law Firm Focuses Resources On Measuring Performance

Posted on April 21, 2008
In the February, 2008 Managing Partner Magazine, a case study was published regarding the international firm Herbert Smith, who recently implemented a financial management system that focused on measuring performance.  The case study mimics everything we promote on More Partner Income and thus deserves highlight...

Business Development Opportunities For Law Firms In 2008

Posted on April 21, 2008
An article in the Tampa Tribune (hat tip:  Estrin Report) reports that foreclosures are so high in some areas that firms are hiring as many as 200 additional staff to handle the workload.  Foreclosures in Hillsborough County, Florida in February more than doubled the amount from February 2007 and is ...

Law Firms Pass On Arbitration In Employment Disputes

Posted on April 21, 2008
In an article for the upcoming issue of the National Law Journal  (NLJ) posted yesterday on their site, law firms are not taking their own advice when it comes to arbitration clauses in employment disputes. Is this a case of what's good for the goose isn't good for the gander?  Why ...

9 "Sure Bets For The Future" Attorneys Should Watch

Posted on April 21, 2008
Nothing in the future is certain, except taxes, death, and that the world will implode from global warming or some other threat that replaces it.  That notwithstanding, Harvard Business Online is boldly proclaiming 9 "sure bets for the future": 1. The Almighty Dollar will share its throne with an Omnipotent Euro...

The End of Generally Accepted Accounting Practices?

Posted on April 18, 2008
In the April, 2008 issue of CFO magazine, the cover story reads:  "Goodbye GAAP:  It's Time To Prepare For the Arrival Of International Accounting Standards".  These international standards, called the International Financial Reporting Standards (IFRS), are being sought to replace generally accepted accounting practices (GAAP), an evolving set of accounting standards in the US since [...

How To Compensate A Rainmaking/Investor "Muted" Partner?

Posted on April 15, 2008
A reader emailed me with a question related to the compensation of a non-practicing equity partner whose responsibilities include only the investment of capital in the firm and bringing in new clients.  The firm has a niche practice and is looking to expand...

The American Airlines Fiasco And Customer Service

Posted on April 14, 2008
As I sat in a terminal in Chicago O'Hare after a week of ridiculous delays and cancellations, I finally believed I was almost home.  Instead it was dripping water for the forehead, dirty carpet for a bed. This week was a long travel week for me, as I had presentations to give in Chicago, Dallas and [...

Alan Greenspan Versus The World - The Debate Matters To Law Firms

Posted on April 11, 2008
There are differences in opinion on regulation of financial markets.  On the one hand, Alan Greenspan takes a mostly hands-off approach to financial markets, except when risks to the economy appear.  Martin Wolf, among others, have criticised Mr...

Cash Flow An Important Metric For Law Firms

Posted on April 10, 2008
No matter how much you work, until you convert it to cash it is worthless.  The average days in the law firm cash flow cycle (from worked to collected) is 169 (source:  2007 Law Firm Economic Survey from LexisNexis).  Shortening your cash flow cycle has a positive impact to liquidity and thus your cash flow cycle should [...

Discounting At Law Firms

Posted on April 09, 2008
I received an email from Brendon Carr, foreign legal consultant and host of the Korea Law Blog, regarding a recent post of his, “I Don’t Care What You Charge; Whatever It Is, It’s 15% Too Much”.  The post discusses a request from a new client for an across-the-board 15% discount for his services...

Large Law Firm Focuses Resources On Measuring Performance

Posted on April 08, 2008
In the February, 2008 Managing Partner Magazine, a case study was published regarding the international firm Herbert Smith, who recently implemented a financial management system that focused on measuring performance.  The case study mimics everything we promote on More Partner Income and thus deserves highlight...

Business Development Opportunities For Law Firms In 2008

Posted on April 07, 2008
An article in the Tampa Tribune (hat tip:  Estrin Report) reports that foreclosures are so high in some areas that firms are hiring as many as 200 additional staff to handle the workload.  Foreclosures in Hillsborough County, Florida in February more than doubled the amount from February 2007 and is more than 5 times the [...

Law Firms Pass On Arbitration In Employment Disputes

Posted on April 04, 2008
In an article for the upcoming issue of the National Law Journal  (NLJ) posted yesterday on their site, law firms are not taking their own advice when it comes to arbitration clauses in employment disputes. Is this a case of what's good for the goose isn't good for the gander?  Why would arbitration be a good [...

9 "Sure Bets For The Future" Attorneys Should Watch

Posted on April 03, 2008
Nothing in the future is certain, except taxes, death, and that the world will implode from global warming or some other threat that replaces it.  That notwithstanding, Harvard Business Online is boldly proclaiming 9 "sure bets for the future": 1...

Developing A Goals-Based Strategic Plan With Financial Focus

Posted on April 02, 2008
Goals-based strategic planning takes a different tact than a "basic" strategic plan in that there is a singular focus by which the firm sets goals.  Focusing on financial goals is more manageable and attainable than the comprehensive strategic plan, but requires attention and accountability nonetheless...

Developing a "Basic" Strategic Plan For Law Firms

Posted on April 01, 2008
The Free Management Library has some good information related to developing a strategic plan.  The site lays out several models that can be implemented for both profit and non-profit businesses.   The focus of this post is the "Basic" strategic plan.  This is also the one that most firms use when ...

Law Firm Strategic Planning - An Overview Of Models

Posted on March 31, 2008
When some talk of strategic planning, they are talking about retreats and consultants, about mission statements and long term goal setting.  Strategic planning can be all of this - however, it doesn't necessarily have to be a complex document that takes weeks or months to develop...

The Obstacle To Change In Law Firms

Posted on March 28, 2008
On the plane coming back from Philadelphia  I was asked by a colleague of mine, Tiffany Poulton, what I thought was an obstacle to change.  After a brief pause, I mentioned that perceived difficulty would be an obstacle to change.  She responded, "what about fear?" It brought to mind a book ...

New Advocate Group Targets Work-Life Balance At Law Firms

Posted on March 28, 2008
A guest blogger for JDBliss writes on March 20th about a 3L law student at Standford Law School who has built a new organization trying to influence how Big Law firms treat their associates.  The law student "was disturbed by the stories he heard from lawyer friends about 60-hour weeks poring over ...

Information-Driven Business Development For Law Firms

Posted on March 28, 2008
The Harvard Business Review is rapidly becoming my other magazine I read cover-to-cover (the other being The Economist).  In the March, 2008 issue there is a short article related to Web Retailing that I believe is a good example of why attorneys need to be spending more time blogging...

Spring 2008 Managing Partner Advocate Is In The Mail - And Online

Posted on March 28, 2008
The Spring 2008 Managing Partner Advocate is in the mail.  Highlights include an interview with a managing partner from a Louisiana firm and an article from a tax attorney on the tax implications of a withdrawing member of the firm.  Like our past issues, the Spring '08 Advocate is full of articles focused ...

New Advocate Group Targets Work-Life Balance At Law Firms

Posted on March 27, 2008
A guest blogger for JDBliss writes on March 20th about a 3L law student at Standford Law School who has built a new organization trying to influence how Big Law firms treat their associates.  The law student "was disturbed by the stories he heard from lawyer friends about 60-hour weeks poring over mind-numbing documents, young associates getting [...

Information-Driven Business Development For Law Firms

Posted on March 26, 2008
The Harvard Business Review is rapidly becoming my other magazine I read cover-to-cover (the other being The Economist).  In the March, 2008 issue there is a short article related to Web Retailing that I believe is a good example of why attorneys need to be spending more time blogging...

Spring 2008 Managing Partner Advocate Is In The Mail - And Online

Posted on March 25, 2008
The Spring 2008 Managing Partner Advocate is in the mail.  Highlights include an interview with a managing partner from a Louisiana firm and an article from a tax attorney on the tax implications of a withdrawing member of the firm...

Law Firms' Lack Of Oversight Risk More Than Money

Posted on March 24, 2008
The Estrin Report is a great resource for paralegals and other legal support professionals.  The March 22nd post quotes a Maryland Daily Record article where an attorney has been suspended twice - TWICE - for mismanagement of client trust funds.  He never took one penny, however...

Virtual Worlds, Social Networking, Web 2.0: The Jealous Mistress Is Online

Posted on March 21, 2008
Law is famously known to those who practice as the "jealous mistress" (I'm not sure how well this analogy works with the growing number of women attorneys).  The phrase adds a new dimension when used in association with virtual reality.   Davis, LLP, a Canadian firm made the focus of the cover story in ...

New Contributors For More Partner Income

Posted on March 20, 2008
In the coming weeks, there will be some new contributors added to the blog.  I met with several members of the Redwood Analytics team in Virginia today and am happy to announce that their expertise will be added to More Partner Income. Redwood Analytics is a new acquisition to LexisNexis...

The Case Against Income Partners

Posted on March 20, 2008
I have suggested utilizing a non-equity partnership tier as a way to reward attorneys who are not yet ready for firm ownership.  Jim Cotterman has made an argument against it.  In my assessment, non-equity partnership can be a tier to place attorneys who excel in some things, such as working ...

The Case Against Income Partners

Posted on March 19, 2008
I have suggested utilizing a non-equity partnership tier as a way to reward attorneys who are not yet ready for firm ownership.  Jim Cotterman has made an argument against it.  In my assessment, non-equity partnership can be a tier to place attorneys who excel in some things, such as working files, but don't have the [...

Management ABCs: The Hawthorne Effect

Posted on March 18, 2008
A method of increasing performance is based on the Hawthorne Effect.  Although several of the experiments have been downplayed by social psychologists, the effect that attention has to performance is as true today as it was when recorded at the Hawthorne Plant in the 1920's...

For Long Term Increases To Income, Partners Must Delegate Work

Posted on March 18, 2008
I spoke Friday at the ABA Techshow on profitability and the key drivers of partner income.  At the end, I posed some questions to the audience to facilitate discussion on the findings of the 2007 Law Firm Economic Survey.  One of the questions I asked was "why would firms have ...

Generation Y Attorneys - Is It Lack Of Motivation, Or A Difference In Focus?

Posted on March 18, 2008
 While sitting on a plane on the way to the ABA Techshow, I was reading the February 2008 issue of the Harvard Business Review.  An article titled, Task, Not Time:  Profile of a Gen Y Job, caught my eye.  I often hear managing attorneys lament the lack of motivation of ...

First Day at ABA Techshow

Posted on March 18, 2008
 Met Kevin O'Keefe today and he had Rob La Gatta interview me - it is posted here.   Also went to a session hosted by Debbie Foster and Steve Best.  The session was about Document Management.  I'll admit, document management has always been a component to me...

Another Word Of Caution Regarding Inflation

Posted on March 13, 2008
This morning I am off to Chicago to attend the ABA Techshow.  I am speaking on benchmarking and the results of the 2007 Law Firm Economic Survey Friday at 2:30pm central.  If you are attending the conference I encourage you to drop by.  I plan to do some blogging at the event as ...

How Inflation Deflates A Law Firm's Bottom Line

Posted on March 12, 2008
I received an email earlier this week from a reader who corrected an error I made when discussing the effects of inflation within the post How Law Firms Can Increase Income By $100k Per Partner In 1 Year.  Rather than re-working the example in the original post(where few would notice it), I decided to ...

2008 Law Firm Economic Survey

Posted on March 11, 2008
We will soon start accepting submissions for the 2008 Law Firm Economic Survey.  This is our 3rd year to conduct the survey and in two short years we have created the largest survey of its kind focused on the mid-sized law firm.  Our survey serves several purposes, including but not ...

2008 Predictions Revisited

Posted on March 10, 2008
It is easy to make predictions, but who is brave enough to revisit them to see how well their predictions are holding up?  It's time to be held accountable for my predictions and review the clairvoyant performance to date: 1.The effect of the market "correction" will lead to a rise in ...

Is the "LendingTree" Mentality Stronger Than Building Relationships?

Posted on March 07, 2008
You may have seen the commercial:  The banker bumps into his client who tells him that he is taking his business to LendingTree.com.  The banker, surprised, says, "But we've been your bank for 20 years."  To which the client replies, "Oh, since your bank is in the network, you get ...

Eight Legal Technology Trends For 2008

Posted on March 06, 2008
Dennis Kennedy, in an article published February 27, 2008 on llrx.com, writes of eight trends in technology that will impact  the legal industry this year.  Although he predicts a "sleepy year for legal technology", Kennedy believes "[f]irms that are good at technology will take advantage of opportunities to widen their ...

Maister Offering Book Free To Managers

Posted on March 06, 2008
 David Maister, management consultant and author of several books, has made an offer on his website to give a free copy of his book, Strategy and the Fat Smoker, to a senior executive or managing partner of your firm.   Maister in 2006 declared that law firms are unmanageable - could his "Give a Copy ...

Planning Helps Law Firms Weather A Bad Economy

Posted on March 06, 2008
Although the housing market has grabbed headlines recently as the credit issues continue to unravel, the indicators have been present for several years.  The businesses who planned for this are now in a better position to adjust and prosper while other businesses close their doors...

"Biglaw" Associate Attrition Can Benefit "Midlaw" Firms

Posted on March 06, 2008
In a February 29th article for Corporate Counsel titled Big-Firm Associates: Why They Go and How to Keep Them, Ben W. Heineman Jr. and David B. Wilkins discuss associate attrition at the top 250 law firms.   According to the story, firms are losing up to 50% of their associates after ...

Best Of More Partner Income: Strategic Planning Will Not Predict the Future, But It Will Prepare the Law Firm for It

Posted on March 06, 2008
  "Best Of More Partner Income" highlights some of the best posts over the three years of its existence.  This article was originally posted on August 14, 2006 and is titled Strategic Planning Will Not Predict the Future, But It Will Prepare the Law Firm for It:   If you don?t believe in strategic planning, ...

When An Attorney Doesn't Fit The Firm

Posted on March 06, 2008
A recent article in the New York Lawyer entitled "Getting Fired" (requires free registration to view content) addresses a task that all managers would prefer not to have as part of their responsibilities: that of releasing employees. The article is geared to the attorney as releasee, helping them not miss the ...

More Ideas in Disaster Recovery For Law Firms

Posted on March 06, 2008
Last week I wrote a post on planning for business continuity during unexpected interruptions in operations.  Ari Kaplan of Ari Kaplin Advisors wrote an article on Law.com that also addresses disaster recovery.  He tells of a miserable experience trying to recover data from a cracked hard drive when his child pulled his ...

Recommended Blogs for Those Involved in Law Firm Management

Posted on March 06, 2008
Tom Collins hasn't exactly taken to the "retire" part of retirement.  Working on his second book, he took time to send a list of blogs he recommends for law firm managers:   I?m in the process of preparing my handout materials for a presentation I will be making at the 2008 ALA ...

How Law Firms Can Increase Income By $100k Per Partner In 1 Year

Posted on March 06, 2008
Measurement improves performance.  If you measure the following 5 key performance indicators, your profits per equity partner will increase.  These drivers are: Leverage Rate Realization Productivity Margin Leverage in the above model is based on head count leverage...

Georgia Proposes Flat Rates For Representing Indigents In Capital Cases

Posted on March 06, 2008
Legislation has been introduced in Georgia to provide more cost accountability to state-funded defense of capital cases.   What has caused the uproar?   In March of 2005, Brian Nichols was awaiting trial for rape in Fulton County, Ga.  While changing clothes to prepare for his court appearance, Nichols overpowered a deputy, walked into ...

Live Blogging At LegalTech 2008

Posted on January 30, 2008
I read a post from Kevin O'Keefe last year lamenting the lack of live blogging (other than from Monica Bay) at LegalTech 2007.  He writes:   [P]eople on the leading edges of technology are sharing their observations and insight in real time...

More Partner Income Is Moving!

Posted on January 29, 2008
Over the next several weeks, we will be completing our migration of More Partner Income to a new host.  We have been on the same site since its inception and have finally outgrown it.  We've also heard from several readers about performance and interruptions in service...

Subprime Woes Overstated . . . Or Worse?

Posted on January 28, 2008
Alan Reynolds of the Cato institute claims that misinformation from the media related to the subprime mortgage market has been propagated in part by the Center for Responsible Lending (CRL).  Further, it is alleged that a crafty investor is channeling funds to the CRL and is profiting from the alarmism through the shorting of mortgage-backed securities...

Law Firm Business Model: Realization

Posted on January 25, 2008
The 5 key performance indicators all law firms should measure are: Rate Realization Utilization/ Productivity Leverage Margin This week each day I will focus on one of the above.  Today the focus is on realization. Realization is a word with many meanings...

Law Firm Business Model: Leverage

Posted on January 24, 2008
The 5 key performance indicators all law firms should measure are: Rate Realization Utilization/ Productivity Leverage Margin This week each day I will focus on one of the above.  Today the focus is on leverage. Head count leverage is by far the most difficult indicator to change...

Law Firm Business Model: Margin

Posted on January 23, 2008
The 5 key performance indicators all law firms should measure are: Rate Realization Utilization/ Productivity Leverage Margin This week each day I will focus on one of the above.  Today the focus is on margin. Margin is partners' profits divided by firm revenues...

Law Firm Business Model - Productivity/ Utilization

Posted on January 22, 2008
The 5 key performance indicators all law firms should measure are: Rate Realization Utilization/ Productivity Leverage Margin This week each day I will focus on one of the above.  Today the focus is on Productivity. Productivity is the degree of value generated by fee earners...

Law Firm Business Model - Measuring Rate

Posted on January 21, 2008
The 5 key performance indicators all law firms should measure are: Rate Realization Utilization/ Productivity Leverage Margin This week each day I will focus on one of the above.  Today the focus is on rate. For a primer, look at some prior posts related to rate here, here, here, here, and here...

RV's, Bananas, and Recession-Proofing the Law Firm

Posted on January 18, 2008
It seems every year there are those who get in front of the press and claim that there is a looming recession that is about to envelope the country and if there is no action, the depths of it will surpass our worst fears. This year is no exception...

Second-Class Treatment of Law Firm Staff

Posted on January 17, 2008
 Tom Collins and I were discussing the relationship between legal professionals and non-lawyer employees of law firms.  Following up our conversation he sent the comment to post: I will never forget the time I spent on the site of a one law firm...

Law Firm Management ABC's: Manage Your Associates

Posted on January 16, 2008
Management is achieving objectives through others.  It's a continuing process of receiving input, processing input, taking action, receiving feedback, and repeating the process.  It requires KASH in a real-time environment.  It is a cycle of planning, organizing, actuating and controlling...

Reward Attorneys for the Commoditization of Reproducible Work

Posted on January 15, 2008
A friend of mine practices in firm that specializes primarily in transactional work.   Much of the work is billed flat fee but they still track their time so the firm can determine profitability.  Recorded time is set against an attorney's budgeted hours for the year so that they are credited for their flat fee work...

Cotterman: In Defense of "Lockstep" Compensation System

Posted on January 14, 2008
Many, including myself, have for several reasons (in my case, personal experience), railed against lockstep compensation as a debilitating agent to per partner income and the ability to keep top attorneys.  I have seen the internal griping, the uncomfortable situations, and the inevitable loss of talent because of the appearance of unfair distribution of compensation based on a lockstep system...

Reflections on the 2007 ALM Billing Rates & Practices Survey

Posted on January 11, 2008
"Is the billable hour dead, as many like to proclaim (whether wistfully or presciently?)"  So starts the Executive Summary for the 2007 ALM Billing Rates & Practices Survey.   The relentless assault against the hapless billable hour continues...

Going Concern Value of a Law Firm

Posted on January 10, 2008
The previous host for morepartnerincome, Tom Collins, has strong feelings about the importance of recognizing the monetary value of law firm ownership.  He believes that incoming partners should purchase their share of ownership and that retiring partners or their estate should be fairly compensated for the value of the partner?s shares...

Managing Partners' Little Black Book on Marketing

Posted on January 09, 2008
Paula Black knows graphic design.   John Remsen, Jr. knows marketing.  The author of The Little Black Book on Law Firm Branding and Positioning has teamed up with Remsen to create The Little Black Book on Law Firm Marketing and Business Development...

Leverage Can Help and Hurt Law Firms

Posted on January 08, 2008
Leverage and the impact to per partner profits is a topic that has shown up as being positive in some surveys and negative in others.  Bruce MacEwen cites a study in an entry titled "Leverage: Friend or Foe? (Or Noncombatant?)" that shows a drastic disparity between firms with high leverage and those with low leverage, the latter being more profitable...

What's Wrong With Billing By The Hour?

Posted on January 07, 2008
Many in the legal industry are often found complaining of the reliance on the "billable hour" (see here, here, here, here, and even the venerable Scott Turow gets in on it here).  Value-based billing and other fixed-fee type arrangements are offered as a better guide...

Concentration Pays Off For Law Firms

Posted on January 04, 2008
Now that he is retired, Tom Collins is working on improving his golf game. Rather that working on all aspects of the sport at the same time he is concentrating on his short game starting with chip shots.  With the importance of concentration of his mind he sent me the following post...

Law Firm Management ABC's: Training

Posted on January 03, 2008
Training is based on the KASH principle.  The principle conveys that new Knowledge, plus the right Attitude provides new Skills that, with use, become Habit. For example, if a firm hypothetically decides they want to improve profitability through the purchase of technology that can help measure performance, the first order of business is a dedication to learn the new skill...

New Years' Prediction Follow Up

Posted on January 02, 2008
It didn't take long for one of my predictions to come true (prediction #5).  In an article today on Slate:  The Scourge of the Billable Hour:  Could Law-Firm Clients Finally Kill It Off?

Regular Client Communication Pays In Many Ways for Attorneys

Posted on January 02, 2008
According to the new Managing Outside Counsel Survey by ACC/Serengeti, inhouse corporate counsel are projecting a rate increase of 5.3% in 2008.  That's the good news.  The better news is that last year, they projected an increase of 4...

2008 Predictions

Posted on December 31, 2007
Some have New Years' resolutions.  Others predict what may come in the new year.  Though both are likely doomed to fail, I'd rather go with the one with a better chance of success:  predictions.  Here are mine for 2008: 1.  The effects of the credit market "correction" will lead to a sharp rise in bankruptcies and foreclosures, giving work opportunities to attorneys who are looking for a new direction after the crash of the mortgage industry (though not everyone agrees)...

Calculating the "Time Value" of Law Firm Accounts Receivable

Posted on December 28, 2007
Lawyers are keen to know what their peers are doing.  Surveys, benchmarking applications, and business intelligence tools are all geared to give the firm a competitive edge relative to what others are doing.  They tell you the "what"...

A Prosperous New Year For Law Firms

Posted on December 27, 2007
To Law Firm Leaders: Wishing you a Prosperous New Year As I head into retirement and turn this blog over to those who will carry on in the years ahead, I leave you with two thoughts that, if you take to heart, will mean more partner income for 2008 and the years ahead...

Lawyers Appreciate The Enablers

Posted on December 26, 2007
Lawyers appreciate the respect of their peers.  The practice of law, like most professions, carries a high responsibility with it.  Those who work diligently to represent their clients with the integrity and respect for the rule of law are not always appreciated by those who share the same work space...

Happy Holidays

Posted on December 24, 2007
As many are still frantically searching for the perfect strenae to offer to their loved ones, I want to wish everyone a safe and Merry Christmas (or whatever holiday you favor).   Historically, the holiday we are celebrating has several purposes, most of which tie in to the new year...

Retained Earnings Prepare Law Firms For Unexpected

Posted on December 21, 2007
Our political climate is warming to the idea of cutting back on sources of energy that produce carbon emissions.  At the same time, energy prices are increasing.  This may very well cause a crisis within the next 10 years as our population grows and our ability to provide cheap sources of energy decreases...

Year End Distributions to Law Firm Partners

Posted on December 20, 2007
It is probably too late for most law firms, but if you haven?t written those yearend distribution checks yet you might want to read two of Jim Cotterman?s recent blog posts.  See his post Balance Sheet Metrics and his post Partners Contribute Hidden Capital...

Survey Finds Reliable Forecasting Key to Improving Profits

Posted on December 19, 2007
Please notice a new change to the blog:  on the right hand column there is a poll that asks a question based on a recent blog posting.  Please participate - there's a story in the results. I am also happy to introduce Amy Flaherty as a guest contributor today...

A Full Time Law Firm CEO Comes First

Posted on December 18, 2007
Mark Beese, who hosts the blog Leadership for Lawyers, wrote ??.mid-sized firms are hiring professional development directors to provide training and support to attorneys.?  He based his remarks on an article appearing in the National Law Journal...

NY Judge Laments "Economic Focus" of Law Practice

Posted on December 17, 2007
The Wall Street Journal Law Blog quotes New York federal judge Harold Baer in a post on November 30th, who in an opinion over a violation of a protective order, stepped out and decided to take the opportunity to voice his opinion on the state of the legal profession...

Client Loyalty for the Attorney or the Firm?

Posted on December 14, 2007
Some time ago David Maister responded to an inquiry from a reader of his blog, Passion, People and Principles, who raised the question of Loyalty to Whom?  How does a law firm secure the loyalty of its clients when, to the client, the face of the firm is the individual attorney? Maister?s answer is unquestionably sound...

Limited Law Firm Budget Produces a Winning Strategy

Posted on December 13, 2007
Ross Fishman is a smart marketing guy.  I have mentioned him in several prior posts (for example, the posts Marketing 101 and Getting Agreement to Change). Writing for the FrontLines section of the December issue of the Law Practice, Ross again demonstrates that there is magic in applied Marketing 101...

Marketing Tip for Law Firm Managing Partners: Require Non-Billable Hours

Posted on December 12, 2007
Last week I wrote about some responses to the 2007 Remsen Group Managing Partner Survey (part of the Juris 2007 Law Firm Economic Survey by LexisNexis (the Survey))  related to managing partners' strategic perceptions of profitability...

The ABA Journal Blawg 100

Posted on December 11, 2007
I would like your vote. The ABA has published a list of legal community related blogs that its editors have judged the best. Morepartnerincome is one of those 100 and is listed under the category of Lawyer?s Toolkit along with such greats as Adam Smith, Esq...

Law Firms With Strategic Plans More Profitable

Posted on December 10, 2007
74% of respondents to the 2007 Remsen Group Managing Partner Survey (part of the 2007 Juris Law Firm Economic Survey from LexisNexis) stated their firm did not have a strategic plan.  71% of the same respondents stated that they believed that a strategic plan had either some connection or a strong connection to improving profitability...

Behind Every Successful Law Firm is a Storyteller

Posted on December 07, 2007
We call them plans, brochures, beauty contests, sales pitches, ads, web sites, blogs, presentations, speeches, court appearances, briefs, letters, etc.  They are stories!  The greats in every field and every endeavor are great storytellers.  Stories sell products, move the populace, rally the troops, win games, sway juries and accomplish shared business goals...

Surveyed Law Firms Report Growth Strategies

Posted on December 06, 2007
Altman Weil?s Michael C. Ross wrote, ?Many successful businesses have learned that the first place to look for achievable top-line sales growth is to their existing customers.  They understand that because they already have relationships with these customers, there is a greater likelihood of generating additional sales with them and the cost of doing so will be less, compared to obtaining new customers...

Law Firm Partners Link Profitability to Rate Increases/ Cost Cutting

Posted on December 05, 2007
One of the interesting questions posed in the Remsen Group Managing Partner Survey (part of the Juris 2007 Law Firm Economic Survey by LexisNexis (the Survey)) related to managing partners' strategic perceptions of profitability.  When asked "What strategy has your firm found to be most effective in its efforts to achieve higher profitability?", 26% of the managing partners responded that increasing fees was their firm's most effective strategy...

Secondments: A Sound Law Firm Tactic

Posted on December 04, 2007
The terms ?secondment? and ?secondees? aren?t used much in the U.S.  Nor is the tactic (by whatever name) used often by midrange law firms.  Secondees are usually young associates who for an intermediate term (several months to a year) are given over to clients as temporary additions to their in-house legal team...