Innovation in the Law Firm World
July 30, 2008
Despite over a decade of widespread discussion of innovation within the corporate environment, innovation within law firms remains a relatively unfamiliar topic. The meaning of the word 'innovation' (often defined as 'the act of introducing something new') remains foreign within the context of law firm services, processes, and operations. Very few law firms recognize the opportunities associated with innovation or the market and competitive pressures that will ultimately drive successful firms toward this important business concept. In many ways, innovation represents an untapped opportunity for law firms ' the next great frontier for firms looking to expand their businesses and improve their competitive positions.
Law Firm Management Is Cash Management
July 30, 2008
Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.
Proposed DOL Rules On 401(k) Fee Disclosures
June 27, 2008
On Dec. 13, 2007, the DOL issued its long-awaited proposed rule on the subject of 401(k) fee disclosures. The Department issued this rule against a backdrop of increased Congressional attention and media scrutiny, and it is likely to be contentious. This article explains the key features of the proposed rule.
Engagement Letters: Preventive Medicine
June 26, 2008
Establishing a successful relationship between a law firm and its clients requires clear communication, and what better time to start than when the relationship begins? In addition to helping avoid misunderstandings on billings, a well-drafted engagement letter provides an early opportunity to confirm both the client's and the firm's expectations on a number of other matters as well.
LIBOR and Bankruptcy in the Current Market
June 26, 2008
Distressed companies and those in bankruptcy nearly always require some amount of loans to fund their recovery, exit from bankruptcy, or sale. What happens when those loans are not available, too expensive, or too risky in the eyes of the capital market? Combine that with volatility in The London Interbank Offer Rate, 'LIBOR,' the rate at which money is lent to other banks, and the terms, in particular, interest rates, that are offered to these distressed borrowers, are constantly in change.
Deal Season 2008: Outlook for Transaction Support Services
June 26, 2008
Many global firms that provide transaction support services for law firms are exceedingly worried about the 2008 deal season. But is the anecdotal evidence of a drying pipeline true? A quick look at the data suggests that law and accounting firms are right to be worried about a decreased deal flow, with only a few highlights in sight.
Developing a Partner Scorecard That Is Meaningful To Your Firm
June 26, 2008
This article is the first in a series about developing a customized scorecard for your firm's partners, specific information to include in the scorecard, tailoring it to your firm's goals, and getting partners to understand the scorecard and achieve greater success.
Implementing an Alternative Billing Program
June 26, 2008
Corporate counsel are exercising increased bargaining power about fees and terms of employment of outside law firms. Law firms can no longer ignore the competition of the marketplace when establishing billing rates and fees. Several variations and combinations of three basic billing systems, hourly billing, fixed fee billing and contingent fee billing, follow.
