With the end of the year fast approaching, now is the time for law firms to make a push for current year collections as well as prepare for next year. It is an excellent time for firms to reflect on 2019 and plan for 2020 and beyond. The following are 10 tips that will help firms close the year well...

Are you getting the financial information you need to make informed decisions?  Receiving accurate and timely financial data seems to be a consistent area of concern for most law firm leaders.  If any of the following are not true at your firm, it may be time to reevaluate your current financial management system and processes. You should spend most of...

Citi and Wells Fargo announced their survey results for the 3rd quarter of 2017 both noting  continued declines in profitability for small and mid-size law firms.  Results also indicated that for the first nine months of 2017 revenues at these firms remained flat, demand declined, and expenses increased.  The only good news was that inventory, work in progress, and accounts...

The first quarter of 2017 saw a continuation of soft demand among the AmLaw 200. Not surprisingly, law firms are now responding with additional layoffs. Most firms have already reduced their ongoing operating costs. Therefore, the only vehicle left to lower costs further is to eliminate people. While layoffs are occasionally required in any business, law firms seem to resort...

The financial results for 2016 are in and the story is somewhat mixed for small and mid-size firms but the message is clear - profitability needs constant attention and management. After spending countless hours with law firm leaders over the past 14 months, it is evident most law firm leaders need help establishing, implementing, and monitoring strategic initiatives for their...

As 2017 begins, we wanted to reflect on the state of small and mid-size law firms and the challenges they face.  After spending countless hours with law firm leaders over the past 12 months, a clear picture emerges regarding the industry and the actions those leaders need to take to ensure success in their firms.  Firms approach issues in different...

If you haven’t made a business plan for 2016, it’s not too late to develop one.  Successful businesses take the time to look back at their accomplishments and challenges they faced during the previous period and then create a plan to maximize their strengths and minimize problems going forward.  These include: improving revenue; controlling costs; keeping current clients; obtaining new...

'Tis the season for New Year's Resolutions. Common resolutions include spending more time with the family, exercising more, losing weight or cutting out chocolate...completely.  But by the end of January, speaking from personal experience, resolutions seem to get pushed to the side or "reprioritized."  Resolutions shouldn't be just personal. The start of the year is the perfect time for law...