Performlaw Blogs

Team-oriented firm culture and the story of the three little pigs

Posted by: PerformLaw on December 20

 

A strong and resilient house protected the pigs from the wolf.....Why law firms should care about team strength to protect their organization’s stability.

 

 

The story of the three little pigs is a famous tale of three brothers who each built their own home.

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Disruptions in the Insurance Defense Legal Services Market

Posted by: PerformLaw on August 19

For most of my professional life, I have helped small and mid-sized law firms take advantage of their professional opportunities and overcome their challenges. Now that I have a team of bright young people that bring fresh perspectives to our work, I realize that often, what I see as a need to adapt (change and stress), they see as normal and no big deal. 

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Divvying Up the Fee Dollar: Building a Firm Economic Model

Posted by: Brian Kennel on April 6

Law firms that understand their economics are more likely to capture and maintain an edge in today’s highly competitive legal market. Optimizing their economic model, or tethering it to the market, achieves even greater stability and larger profits for the firm.  If you don’t have an operating model and want to develop one or want to improve your current model, here is how.

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Law Firm Capitalization

Posted by: PerformLaw on February 12


 

Capitalizing a law firm is typically accomplished in the following ways


  • Paid in Capital;
  • Withheld and Undistributed Earnings;
  • Debt;
  • Trade Credit

 


The philosophy and financial capability of the partners often determine the capitalization methods a firm uses.

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Recognizing the Essence of Small and Mid-sized Law Firm Compensation

Posted by: Brian Kennel on June 28

There are a lot of small and mid-sized law firms that rely on relatively few clients.  These client relationships are typically consolidated among an even smaller subset of top performing lawyers. It is not unusual for us to  encounter a firm of twenty lawyers serving less than 20 or 30 clients that are managed by three or four partners. We have also worked with firms of more than 50 lawyers working for 6 or 7 groups of clients controlled by as many partners. In these instances, the loss of a client or a partner is potentially a destabilizing event.

 

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Billing Process Inefficiencies & Improvements

Posted by: Jan Sander on May 14

The billing process is one of the key pillars of law firm success with impacts on financial and organizational health. It drives the performance of multiple important KPIs: cash flow (liquidity), A/R turnaround, billing and collection rates, and overall profitability.

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