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ASK YOUR CLIENTS FOR THEIR BUSINESS
ASK YOUR CLIENTS FOR THEIR BUSINESS – When was the last time you asked your clients for their business? On the surface, that question may seem a bit silly. After all, asking for business once a company has signed on with your firm may feel a bit redundant. But consider this: asking for more work on a semi-regular basis is a solid client retention tactic that could lead to bottom line dividends.Before you ask for the business, make sure you've done your homework: * Are there opportunities (or pitfalls) that you have identified that affect your clients? * Could new legislation modify how the company conducts business nationally or internationally? * Can the new political climate benefit or threaten certain aspects of the company? * Does your firm have the capability of managing those needs effectively?Demonstrate to your client that your firm has capabilities beyond the scope of your current engagement and then set out how you can help clearly and concisely.
ASK YOUR CLIENTS FOR THEIR BUSINESS – When was the last time you asked your clients for their business? On the surface, that question may seem a bit silly. After all, asking for business once a company has signed on with your firm may feel a bit redundant. But consider this: asking for more work on a semi-regular basis is a solid client retention tactic that could lead to bottom line dividends.Before you ask for the business, make sure you've done your homework: * Are there opportunities (or pitfalls) that you have identified that affect your clients? * Could new legislation modify how the company conducts business nationally or internationally? * Can the new political climate benefit or threaten certain aspects of the company? * Does your firm have the capability of managing those needs effectively?Demonstrate to your client that your firm has capabilities beyond the scope of your current engagement and then set out how you can help clearly and concisely.
Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
The Self-Service Buyer Is On the Rise
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
Sink or Swim: The Evolving State of Law Firm Administrative Support
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.