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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

Concentration Pays Off For Law Firms

Posted on January 04, 2008
Now that he is retired, Tom Collins is working on improving his golf game. Rather that working on all aspects of the sport at the same time he is concentrating on his short game starting with chip shots. With the importance of concentration of his mind he sent me the following post...

Law Firm Management ABC's: Training

Posted on January 03, 2008
Training is based on the KASH principle. The principle conveys that new Knowledge, plus the right Attitude provides new Skills that, with use, become Habit. For example, if a firm hypothetically decides they want to improve profitability through the purchase of technology that can help measure performance, the first order of business is a dedication to learn the new skill...

New Years' Prediction Follow Up

Posted on January 02, 2008
It didn't take long for one of my predictions to come true (prediction #5). In an article today on Slate: The Scourge of the Billable Hour: Could Law-Firm Clients Finally Kill It Off?

Regular Client Communication Pays In Many Ways for Attorneys

Posted on January 02, 2008
According to the new Managing Outside Counsel Survey by ACC/Serengeti, inhouse corporate counsel are projecting a rate increase of 5.3% in 2008. That's the good news. The better news is that last year, they projected an increase of 4...

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2008 Predictions

Posted on December 31, 2007
Some have New Years' resolutions. Others predict what may come in the new year. Though both are likely doomed to fail, I'd rather go with the one with a better chance of success: predictions. Here are mine for 2008: 1. The effects of the credit market "correction" will lead to a sharp rise in bankruptcies and foreclosures, giving work opportunities to attorneys who are looking for a new direction after the crash of the mortgage industry (though not everyone agrees)...

Calculating the "Time Value" of Law Firm Accounts Receivable

Posted on December 28, 2007
Lawyers are keen to know what their peers are doing. Surveys, benchmarking applications, and business intelligence tools are all geared to give the firm a competitive edge relative to what others are doing. They tell you the "what"...

A Prosperous New Year For Law Firms

Posted on December 27, 2007
To Law Firm Leaders: Wishing you a Prosperous New Year As I head into retirement and turn this blog over to those who will carry on in the years ahead, I leave you with two thoughts that, if you take to heart, will mean more partner income for 2008 and the years ahead...

Lawyers Appreciate The Enablers

Posted on December 26, 2007
Lawyers appreciate the respect of their peers. The practice of law, like most professions, carries a high responsibility with it. Those who work diligently to represent their clients with the integrity and respect for the rule of law are not always appreciated by those who share the same work space...

Happy Holidays

Posted on December 24, 2007
As many are still frantically searching for the perfect strenae to offer to their loved ones, I want to wish everyone a safe and Merry Christmas (or whatever holiday you favor). Historically, the holiday we are celebrating has several purposes, most of which tie in to the new year...

Retained Earnings Prepare Law Firms For Unexpected

Posted on December 21, 2007
Our political climate is warming to the idea of cutting back on sources of energy that produce carbon emissions. At the same time, energy prices are increasing. This may very well cause a crisis within the next 10 years as our population grows and our ability to provide cheap sources of energy decreases...

Year End Distributions to Law Firm Partners

Posted on December 20, 2007
It is probably too late for most law firms, but if you haven?t written those yearend distribution checks yet you might want to read two of Jim Cotterman?s recent blog posts. See his post Balance Sheet Metrics and his post Partners Contribute Hidden Capital...

Survey Finds Reliable Forecasting Key to Improving Profits

Posted on December 19, 2007
Please notice a new change to the blog: on the right hand column there is a poll that asks a question based on a recent blog posting. Please participate - there's a story in the results. I am also happy to introduce Amy Flaherty as a guest contributor today...

A Full Time Law Firm CEO Comes First

Posted on December 18, 2007
Mark Beese, who hosts the blog Leadership for Lawyers, wrote ??.mid-sized firms are hiring professional development directors to provide training and support to attorneys.? He based his remarks on an article appearing in the National Law Journal...

NY Judge Laments "Economic Focus" of Law Practice

Posted on December 17, 2007
The Wall Street Journal Law Blog quotes New York federal judge Harold Baer in a post on November 30th, who in an opinion over a violation of a protective order, stepped out and decided to take the opportunity to voice his opinion on the state of the legal profession...

Client Loyalty for the Attorney or the Firm?

Posted on December 14, 2007
Some time ago David Maister responded to an inquiry from a reader of his blog, Passion, People and Principles, who raised the question of Loyalty to Whom? How does a law firm secure the loyalty of its clients when, to the client, the face of the firm is the individual attorney? Maister?s answer is unquestionably sound...

Limited Law Firm Budget Produces a Winning Strategy

Posted on December 13, 2007
Ross Fishman is a smart marketing guy. I have mentioned him in several prior posts (for example, the posts Marketing 101 and Getting Agreement to Change). Writing for the FrontLines section of the December issue of the Law Practice, Ross again demonstrates that there is magic in applied Marketing 101...

Marketing Tip for Law Firm Managing Partners: Require Non-Billable Hours

Posted on December 12, 2007
Last week I wrote about some responses to the 2007 Remsen Group Managing Partner Survey (part of the Juris 2007 Law Firm Economic Survey by LexisNexis (the Survey)) related to managing partners' strategic perceptions of profitability...

The ABA Journal Blawg 100

Posted on December 11, 2007
I would like your vote. The ABA has published a list of legal community related blogs that its editors have judged the best. Morepartnerincome is one of those 100 and is listed under the category of Lawyer?s Toolkit along with such greats as Adam Smith, Esq...

Law Firms With Strategic Plans More Profitable

Posted on December 10, 2007
74% of respondents to the 2007 Remsen Group Managing Partner Survey (part of the 2007 Juris Law Firm Economic Survey from LexisNexis) stated their firm did not have a strategic plan. 71% of the same respondents stated that they believed that a strategic plan had either some connection or a strong connection to improving profitability...

Behind Every Successful Law Firm is a Storyteller

Posted on December 07, 2007
We call them plans, brochures, beauty contests, sales pitches, ads, web sites, blogs, presentations, speeches, court appearances, briefs, letters, etc. They are stories! The greats in every field and every endeavor are great storytellers. Stories sell products, move the populace, rally the troops, win games, sway juries and accomplish shared business goals...

Surveyed Law Firms Report Growth Strategies

Posted on December 06, 2007
Altman Weil?s Michael C. Ross wrote, ?Many successful businesses have learned that the first place to look for achievable top-line sales growth is to their existing customers. They understand that because they already have relationships with these customers, there is a greater likelihood of generating additional sales with them and the cost of doing so will be less, compared to obtaining new customers...

Law Firm Partners Link Profitability to Rate Increases/ Cost Cutting

Posted on December 05, 2007
One of the interesting questions posed in the Remsen Group Managing Partner Survey (part of the Juris 2007 Law Firm Economic Survey by LexisNexis (the Survey)) related to managing partners' strategic perceptions of profitability. When asked "What strategy has your firm found to be most effective in its efforts to achieve higher profitability?", 26% of the managing partners responded that increasing fees was their firm's most effective strategy...

Secondments: A Sound Law Firm Tactic

Posted on December 04, 2007
The terms ?secondment? and ?secondees? aren?t used much in the U.S. Nor is the tactic (by whatever name) used often by midrange law firms. Secondees are usually young associates who for an intermediate term (several months to a year) are given over to clients as temporary additions to their in-house legal team...

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