Demystifying strategic planning: Why do law firms plan?By Alex M. RechenmacherLaw Office Management and Economics, Standing Committee on, June 2016Set aside the necessary time to write a plan for your firm. Involve your stakeholders and prepare something that everybody can get behind, and your firm is then positioned to clearly speak to clients about why they should retain you for their legal needs.
Improving law firm profitability: Top 10 cost-cutting strategiesBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, June 2016You have to spend money to make money. So if cost cutting is the appropriate strategy, cut the right costs. Here are some ideas.
Should you merge with another law firm?By John W. OlmsteadLaw Office Management and Economics, Standing Committee on, June 2016While mergers can be a valid option, making them work is often another matter. Consider these tips before your firm makes the leap.
Law firm partner relations: The foundation of a successful firmBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, May 2016Getting the right “partner dynamic”—and a positive partner relations culture—is the key ingredient and the core basic building block of a successful law firm. It is the foundation for the firm.
OutsourcingBy Amber L. MikulaLaw Office Management and Economics, Standing Committee on, December 2015At some point, most firms consider outsourcing some of the business part of the firm, so they can focus on practicing law. Areas to consider outsourcing include Web site management, marketing, accounting, and employee searches.
Organizing your small firm or solo practiceBy Amber L. MikulaYoung Lawyers Division, August 2015In order to be prepared to start your own practice, you should start out by establishing an organizational plan, including staff job descriptions, policies and procedures, document control, and file checklists.
Goal settingBy Dan BreenLaw Office Management and Economics, Standing Committee on, December 2014How to create challenging yet achievable goals for your office.
PDF for trusts and estates attorneysBy Patrick Owens & Alan R. PressTrusts and Estates, November 2014An overview of the different types of PDFs and practical tips and help for using them in your everyday practice.
Organizing your small firm or solo practiceBy Amber L. MikulaLaw Office Management and Economics, Standing Committee on, September 2014In order to be prepared to start your own practice, you should start out by establishi an organizational plan, including staff job descriptions, policies and procedures, document control, and file checklists.
Start-up tech for any budgetBy Bryan M. Sims & Nerino J. Petro, Jr.Legal Technology, Standing Committee on, July 2014Some thoughts on how to equip a law office for $1,000, $2,500 and $5,000.
Darwinism for your legal businessBy Steven FretzinLaw Office Management and Economics, Standing Committee on, April 2014In light of our current economic and business conditions, what would Darwin say about an attorney’s ability to survive in business today? Which species of lawyer will evolve and which will become extinct?
Insurance defense law firms: Strategies and best practicesBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, March 2014As law firms look for additional sources of revenue some have given thought to taking on insurance defense work. This article examines the issues to consider.
Your second office: Choosing and marketing your next locationBy William S. WilsonLaw Office Management and Economics, Standing Committee on, March 2014A look at the issues involved in opening either a fully-staffed or appointment-only second office.
Survival strategies and best practices for a personal injury plaintiff law firmBy John W. Olmstead, Jr.Law Office Management and Economics, Standing Committee on, November 2013Many personal injury plaintiff firms are facing challenging times. In the last few years many firms have had to deal with the impact of tort reform, increase competition from other law firms doing extensive advertising, and weathering the last recession.
How to reinvent your law practice in order to prosper in the 21st centuryBy John W. Olmstead, Jr.Law Office Management and Economics, Standing Committee on, June 2013In order to prosper in the 21st century law firms are going to have to drastically change their models for conducting business.
Law firm partner compensation: Metrics—What is important, what mattersBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, June 2013An effective compensation system serves as a strong messaging and reinforcement agent that helps you obtain and retain top partner talent and helps align their goals and activities with the strategies and goals of the firm.
What are we doing here?By Dan Breen & Thomas SchickLaw Office Management and Economics, Standing Committee on, June 2013How does the business of law appear through the eyes of a Marquette undergrad and would-be law student? And how does that compare to a more seasoned attorney?
The shoe-string law firmBy Charles G. WentworthLaw Office Management and Economics, Standing Committee on, April 2013Opening an office takes at least as much—if not more—business experience as it does legal knowledge, and lawyers have to be both smart and creative about how they spend their money and time when building a practice on a shoe-string budget.
Legal shield to the rescue?By Paul A. Meints & Darrell DiesTrusts and Estates, March 2013An overview of Legal Shield, which is essentially a form of prepaid legal plan or legal insurance.
A line loan or not?By Dan BreenLaw Office Management and Economics, Standing Committee on, December 2012Generally, a line of credit is preferable for people who will be borrowing irregular or uncertain amounts. A loan, on the other hand is a fixed borrowed amount. You have, and pay regular interest on a set amount of money, whether you actually use it or not. A loan might be a better option for someone looking to make one significant financial outlay rather than address occasional cash flow irregularities. You are likely to get better interest terms on a loan than with a line of credit.
Protecting your office from theftBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, December 2012Only through effective internal accounting and financial controls can law firms protect their offices from theft. The goal is not to catch offenders, but to have a system in place that discourages and prevents the theft from occurring in the first place.
Should you merge with another law firm?By John W. OlmsteadLaw Office Management and Economics, Standing Committee on, December 2012Successful mergers are based upon a sound integrated business strategy that creates synergy and a combined firm that produces greater client value than either firm can produced alone.
Top five new year (IT) resolutionsBy Kim BrandLaw Office Management and Economics, Standing Committee on, December 2012Make this the year you get out of the poor-productivity ditch!
Conducting effective associate reviewsBy Donald E. WeihlLaw Office Management and Economics, Standing Committee on, September 2012Increasingly, law firms recognize the importance of conducting regular associate performance reviews. While different firms have different concerns, these tips are broadly applicable. And, while the guidelines in this article address associate evaluation, they can be adapted to other law-office personnel.
An update on Google AnalyticsBy Peter LaSorsaLegal Technology, Standing Committee on, September 2012A look at two important features of Google Analytics and why you should pay particular attention to them.
Lawyers need emotional intelligenceBy Steven C. LindbergLaw Office Management and Economics, Standing Committee on, June 2012One leading researcher in the field of psychology has argued that emotional intelligence is twice as important as compared to technical skills and IQ as ingredients of excellent performance. But do we, as lawyers, have what it takes?
Law firm partner compensation: Two-attorney firmBy John W. OlmsteadLaw Office Management and Economics, Standing Committee on, May 2012The author addresses a question he recently received concerning partner compensation in a newly minted two- attorney firm.
