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Law Firm Best Practices Blog

3 Simple Tools to Help Law Firms Prepare for the Future

on Oct 30, 2017 12:46:02 PM


Lawyers 55 or older make up over 1/3 of all practicing attorneys. These data have been found across the 15+ legal markets that PerformLaw has collected demographic data for over the past two years. The same demographics hold true on a national basis. (Source: "The Lawyer Statistical Report", American Bar Foundation)

 

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Law Firm Client Profitability That Everyone Can Understand

on May 10, 2017 11:46:53 PM

 

Many of our clients are faced with the challenge of sustaining profitability while meeting client demands for greater value.   To help these firms to maximize profitability, we conduct several client profitablity analyses each year.

 

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Safeguards for Admitting Laterals (Part 2)

on Mar 8, 2017 9:59:34 PM

*This is the second of a 5-part series

 

Workload Distribution and Revenue per Hour

The impact on average revenue per hour has limited meaning in a lateral transaction. For example, it is highly unlikely that the current partners are going to raise or lower their billing rates as a result of a new lateral admission. An opportunity cost likely exists if a lateral transaction employs all of the firm's current excess capacity or available capital, but the impact on the average rate per hour only becomes relevant when it directly or indirectly impacts current revenue streams.

 

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Safeguards for Admitting Laterals (Part 1)

on Feb 6, 2017 9:35:40 PM

*This is the first of a 5-part series

 

Apart from the non-financial factors (reputation, cultural fit, conflicts, strategic benefits, etc.), competently evaluating the financial implications of a lateral transaction requires a structured process. The components of this analysis are as follows:

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Capping Billable Hours = Healthier Firm?

on Jan 19, 2017 1:29:34 PM


Market-aware law firms realize that clients can globally analyze billing data and draw statistical conclusions about the appropriateness of lawyer billing. For example, it would not be hard to determine the number of hours charged to a client's matters and perform competitive comparisons and reasonableness tests. Imagine the potential consequences of a poor showing in the testing process.

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Admitting New Law Firm Partners

on Jan 4, 2017 10:59:21 PM

 

A sound process for admitting current partners and laterals

 

Admitting new partners at the right level can be a challenge to law firms. This is especially true for first-generation firms. Whether a new partner is being promoted from their current ranks or a lateral partner is being hired from another firm, placing a new partner at the right level is much easier if compensation does not depend on equity share. Partner placements are also less complicated when a firm has a process for routinely adjusting ownership.

 

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law firm management concepts blog discusses relevant law firm topics

The Law Firm Management Concepts blog includes conceptual posts on important issues to law firms. These posts will correspond  to the posts found on our main blog ("Law Firm Best Practices") which offers detailed analysis and advice for putting concepts into practice.

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