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Lawyers are spread thin, and a lot of time is spent on laboring tasks and not on as many billable tasks. In fact, on average, lawyers only bill for 2.3 hours of their time. After factoring in realization and collection rates, the average lawyer only collects about 1.6 hours of billable time per day. And to go a step further, about 33% of an average lawyer’s time is spent on business development. If you recall, in Standing Out in Today’s World: How Communication and Branding Can Make or Break Your Firm, we talked about the fact that 2 out…
In late December 2020, Congress approved an additional COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in the $900 billion aid package is funding intended to provide a second round of relief for small businesses that are still struggling in the wake of the worldwide pandemic. A key piece of this legislation is funding earmarked for a second round of the Paycheck Protection Program, or, colloquially, PPP2. The PPP Second Draw legislation is sure to be met with mixed feelings by small to mid-sized law firms across the country. Many of them are still weary from…
As an attorney or managing partner, you know what’s needed to practice law – that much is undeniable. However, law firm management is much more than just showing up to court. It’s about staying profitable and keeping operations efficient and within the confines of your practicing areas of law. How do you ensure client satisfaction while also maintaining proper recordkeeping? How do you overcome some of the biggest challenges around timing and tasks that aren’t bringing in profit? Covering your tasks well so you can focus on profitability versus tedious admin to-dos is key to improving your day-to-day law firm…
In, Reviews & Millennials Part 1: How Your Online Presence Can Make or Break Your Firm, we discussed how the habits, preferences, and overall style of millennials impact not only the legal industry but your firm as a whole.  Today, we are going to take a look at how you can use your online web presence to protect and gain referrals, how you can utilize the power that is Google, and how to begin thinking about social media as a point of leverage, not as a pain point. Importance of Directories Millennials and other consumers, in general, are looking…
When it comes to legal research tools, the internet is the most widespread resource everyone uses, almost without question. Having the savviness to find and use the best free and/or budget-friendly tools gives attorneys an edge – especially at smaller or mid-size practicing firms. As we’ve seen, these tools continue to evolve, providing legal researchers (no matter their role) the agility to find the right information needed for the case. Complete with alerts and filters that prevent endless scrolling and frustrating hours lost sifting through everything but the statute you’re looking for, it’s clear legal research has made life easier…
Let’s go back 16 years to 2005. The youngest millennials were what? Around 8 years old? And if you were to take a look at websites and law firm’s online presence 16 years ago, what you would see was an unaesthetic, barebones framework with an ‘About Us’ section, a stock photo (if you were lucky), and a phone number. Having an online presence back then meant really one thing: you had a website. Fast forward to 3 years ago, and what do we have? An internet that looks wildly different. Being online doesn’t mean you just have a website, it…
Prior to 2020, if your firm paid freelancers, contractors, or other non-employees $600 or more during the year, a 1099-MISC would be issued and sent to the payee.  In 2020, the IRS released form 1099-NEC, a new form that will change the way 1099-MISC reporting has been handled for years.  This 1099-NEC was added specifically for reporting non-employee compensation. This will include payments to individuals who are not employees, as well as payments for services to partnerships, estates, or, in some cases, corporations (such as attorneys and law firms).  Yes, the 1099-MISC is still being used, however, it has…
Prior to 2020, if your firm paid freelancers, contractors, or other non-employees $600 or more during the year, a 1099-MISC would be issued and sent to the payee.  In 2020, the IRS released form 1099-NEC, a new form that will change the way 1099-MISC reporting has been handled for years.  This 1099-NEC was added specifically for reporting non-employee compensation. This will include payments to individuals who are not employees, as well as payments for services to partnerships, estates, or, in some cases, corporations (such as attorneys and law firms).  Yes, the 1099-MISC is still being used, however, it has…
For many firms, accounting is a huge pain point. It’s time-consuming and tedious, but it’s crucial to any business’s operations.  But before we get into the nitty-gritty, what does it even mean to close out a firm’s books? Keep reading and we’ll tell you! Closing a firm’s books is the process of finishing up all accounting activity for an accounting period and ensuring that the general ledger accurately reflects the financial activities of the firm.   There are many closing procedures that should be followed on a regular basis throughout the year, but there are also additional procedures to include at…
In Calendaring Best Practices: Seems Simple, but Is It? we talked about calendaring best practices, and establishing a workflow. Today, we will connect some dots and focus on the dreaded missed deadline, bad habits, and improving inefficiencies. Calendaring is critical to your day-to-day operations so don’t take it lightly! If you don’t believe us, keep reading. The Dreaded Missed Deadline Did you know that lawyers have a 17% chance of being sued for malpractice every year?  Addressing the #1 Cause of Malpractice Claims According to the American Bar Association, nearly a quarter of all legal malpractice claims are based…
As we draw near the end of 2020, many attorneys find themselves faced with the same universal question — “Is there any way I can collect on my outstanding receivables before the year is out?” Although it’s not something you dreamed about in law school when you thought about practicing law, collecting on unpaid bills is a vital aspect of your business. Ideally, you should want to end your year with as much money in your pocket as  possible. But, how can you collect on invoices that some clients thus far have ignored or refused to pay? First, some quick…
Technology is a driving force behind trends that significantly impacts the way your clients consume and interact with data. Ditching old habits can be hard, there is no argument there, but the benefits of adopting these new tech-driven changes will be the difference makers between profitable and unprofitable firms.  Calendaring. It seems so simple and trivial, but there is nothing more critical to your day-to-day operations than an accurate and up-to-date calendar. It is really important to evaluate and understand what types of calendars each attorney is using. If 2020 has taught us anything, it’s that we must be able…
Cyber and Data Security The threat landscape for data security is incredibly vast. Today, law firms have the responsibility and duty of technological competence to ensure that their client’s information is safeguarded and monitored. The sad reality is that law firms are often the center of data attacks because of the type of sensitive information that is being dealt with on a daily basis. Often times, attorneys assume that their email or personal information is safe. This is a mistake. Maybe unbeknownst to you, your personal information includes clues into larger portals of information that can then be categorized and…
Cyber and Data Security The threat landscape for data security is incredibly vast. Today, law firms have the responsibility and duty of technological competence to ensure that their client’s information is safeguarded and monitored. The sad reality is that law firms are often the center of data attacks because of the type of sensitive information that is being dealt with on a daily basis. Often times, attorneys assume that their email or personal information is safe. This is a mistake. Maybe unbeknownst to you, your personal information includes clues into larger portals of information that can then be categorized and…
You can be the greatest law firm in your city or even your state, but lacking the necessary legal billing processes means your practice won’t be sustainable. Proper client billing is not a one size fits all approach – you must find what works well financially and work with a system that allows the flexibility needed to be efficient (without reinventing the wheel). There’s a major shift to cloud-based software for firms looking to get their bills out faster and to consistently generate more billable hours. We’re going to walk you through the top legal billing features your law firm…
You can be the greatest law firm in your city or even your state, but lacking the necessary legal billing processes means your practice won’t be sustainable. Proper client billing is not a one size fits all approach – you must find what works well financially and work with a system that allows the flexibility needed to be efficient (without reinventing the wheel). There’s a major shift to cloud-based software for firms looking to get their bills out faster and to consistently generate more billable hours. We’re going to walk you through the top legal billing features your law firm…