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Practice Management

More Partner Income

Dedicated to ideas and techniques for the financial management of the law firm with the objective of increasing the income of equity partners.

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Last Entry: July 11, 2009 at 00:20:01

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 ...

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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...

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