How your law firm compensates partners is of course a financial decision, but it’s also a strategic process that needs to consider multiple factors. For example, how your firm chooses to reward partners reflects firm values, shapes behavior, drives growth, and influences long-term success.
There isn’t a one-size-fits-all solution, so understanding the different compensation…
For law firms, time isn’t just money; it’s your business model. Tracking time accurately is essential for profitability, transparency, and growth, regardless of whether you’re a partner at a growing midsize firm or a firm administrator juggling calendars and billing cycles. A billable hours chart can be the foundational tool your team needs to stay…
Law firm billing is more than just an administrative function. It’s also the engine that drives profitability, sustainability, and client trust. The way a firm bills its clients can impact everything from cash flow to client retention, but it’s not always a straightforward process. Thankfully, organized processes, technology, and automation can help your firm develop…
For legal professionals, understanding trust accounting is important to build client trust. This area of law firm accounting is a fundamental component of the legal industry because it involves the management of client funds that a law firm holds in trust for its clients and requires strict adherence to ethical and legal obligations.
Trust accounting…
Your law firm’s accounting department helps the business stay on the right side of the law, when it comes to both internal operations and external relationships. Because legal work involves high stakes, accuracy is of the utmost importance in handling finances. Since law firms work with sensitive information, any misstep can have major consequences.
This…
Managing a law firm requires more than overseeing cases and delegating tasks—it demands a strategic approach that balances client expectations, regulatory compliance, and operational efficiency. Clients seek timely, high-quality legal services with clear communication, while attorneys and law firm administrators navigate evolving regulations, intricate trust accounting rules, and stringent data security requirements.
To remain competitive,…
For law firms looking to scale, 2025 presents both opportunities and challenges. Our latest Future of Law Firm Operations Report, based on a survey of 335 small- to mid-sized law firms, reveals key trends shaping the industry. From rising operational costs to the increasing adoption of technology, law firms must rethink their approach to efficiency…
Paul Bridgewater Remains on the Board of Directors
Dallas, TX – February 10, 2025 – Centerbase, a leading provider of legal practice management software, is pleased to appoint Michael Dunn as its new Chief Executive Officer. Dunn will also serve on the Centerbase Board of Directors. Paul Bridgewater, the company’s current CEO and President, will…
Annual planning is an essential exercise that can help you position your law firm for long-term success. It also helps you adapt to external challenges like regulatory changes, evolving client expectations, and heightened competition. Annual planning provides:
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In a rapidly evolving legal landscape, family law firms face unique challenges that require innovative strategies to ensure long-term success. In advance of the AAML Annual Meeting in Chicago, Affinity Consulting Group, Centerbase, and 12 AAML fellows discussed how family law practices can adapt to future demands.
The conversation centered around three critical areas: profitability,…
By Debbie Foster, CEO, Affinity Consulting Group
Moving Beyond Billable Hours
Law firm profitability is often viewed in simplistic terms: the more billable hours attorneys log, the more profitable the firm becomes. But the reality of assessing profitability is far more nuanced. Profitability can be sliced and diced in several ways — by practice…
By Paige Roncke, General Manager, Centerbase
The legal industry is at a critical inflection point where law firms can no longer identify only as legal services providers. Law firms must also be data and technology companies in order to effectively compete in the market for long-term success.
I discussed this new landscape with Debbie Foster,…
Why Profitability Matters for Law Firms
Profitability is one of the most critical measures of success for any law firm. But while it’s easy to fall into the mindset of “more billable hours equal more profit,” the reality is more complex. Simply focusing on the standard math equation of revenue minus expenses equals profitability doesn’t…
As the legal landscape becomes more complex and competitive, adopting modern law practice management software is one of the best ways to help your law firm keep up. Legal technology can greatly increase your competitive advantage, make your operations more efficient, and continuously enhance client service.
However, this journey isn’t as simple as purchasing the…
In today’s legal landscape, staying competitive and efficient is crucial. If your firm isn’t using an all-in-one legal practice management software to streamline firm and client operations, you’re missing out on the highest level of efficiency and competitive advantages to set your firm apart. The cost of not having such software is too great to…
As you search for new law practice management software, you shouldn’t settle for a painful implementation process — which is the largest obstacle preventing law firms from embracing new and better software.
With the right components in place, a legal software platform can provide an accurate and efficient implementation with minimal business disruption — so…
