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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

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

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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 [...

Management Report Do?s and Don?ts

Posted on September 01, 2008
Related posts No related posts.

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...

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 ...

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...

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