Converting Raw Data Into Meaningful Business Intelligence
July 28, 2005
During our installation of the Hummingbird Enterprise suite, we discovered Hummingbird BI, the suite's business intelligence component. We originally purchased BI in hopes of providing clients with simple financial snapshots of case related expenses and fees via the extranet. However, we quickly realized our expectations were inadequate and found that BI was the unexpected gem of Hummingbird Enterprise.
AbacusLaw: Practice-Specific Case Management
July 28, 2005
Over the years, case management software has become more and more refined. However, there are still several programs that don't take into consideration the fact that most attorneys need a program that is more adept at their particular area of practice. <br>I practice in the area of family law, and needless to say, most of the case-management programs floating around don't account for the language and the rules involved in my practice area. That is to say, not until now.
Compliance Assessments
July 28, 2005
In the brave new world following the passage of the Sarbanes-Oxley Act of 2002 (SOX) ( Pub. L. 107-204 (2002), 116 Stat. 745), companies are struggling to meet the challenge of developing effective compliance programs. Many of these companies are diligently working with in-house counsel, external counsel, and internal audit and compliance departments to develop compliance programs that demonstrate a strengthened commitment to implementing best business practices, in order to realize the corporate "culture of compliance" contemplated by the Federal Sentencing Guidelines. Focusing on compliance not only meets good corporate governance practices and satisfies other corporate housekeeping needs, but also helps management prove to itself and its board of directors that the management team really does know what is going on within the company. In addition, proactive directors are using compliance assessments to demonstrate that they have satisfied their obligations as directors -- under the Sentencing Guidelines and under developing standards of due care. In each case, the challenge is how to develop and implement an effective compliance and ethics program.
Career Paths for Law Firm Accounting-Financial Professionals
July 28, 2005
In part one of this two-part series [see the June 2005 A&FP edition], we discussed the pathways available for law firm administrative staff with finance and accounting competence to evolve into consulting roles within the legal services industry. Part two focuses on avenues available for individuals with strong skills in these functional areas to advance within their own or other firms.
Statistical Report Flaws: A Spotter's Guide
July 28, 2005
Statistical reports play an important role in management decisions, so it pays to hone your skills for spotting inaccuracies and distortions. Some flaws are so subtle that even professional statisticians debate their presence, but many errors are easy enough to detect if you just look for them.<br>This article describes some outright errors along with some suspect practices that often lead to error. After examining a few graph-drawing fiascos, the article examines ranking distortions and other problems that can result from either excess precision, ill-chosen scales, or a disconcerting quirk called Simpson's Paradox. Finally, the article discusses a common survey methodology error that leads not only to slanted results but also to the reporting of nonexistent trends.
Am Law 100's New Metric: Value Per Lawyer
July 28, 2005
For 20 years, The American Lawyer has measured the economics of law firms, first with The Am Law 50 and 75, more recently with The Am Law 200. Throughout, we've kept to the same metrics: gross, revenue per lawyer, profits per partner, and the Am Law Profitability Index (API). These lists helped inform and change the profession. (Note that we didn't say ruin.) We published them again this month with one significant addition that we think reflects the changed nature of the business of law: Value Per Lawyer (VPL).
Collective Bargaining for Legal Fees?
July 28, 2005
For almost a year, lawyers from eight of the largest corporations in the country have been meeting and exchanging information. The group, which first came together last fall, includes in-house attorneys from Cisco Systems Inc., E.I. du Pont de Nemours and Co., FMC Technologies Inc., General Motors Corp. and Microsoft Corp. Together they oversee a collective annual legal budget exceeding $1 billion.
Court Watch
July 28, 2005
Highlights of the latest franchising cases from around the country.
Cross-Border Disputes and the Potential for Resolution via Mediation
June 29, 2005
The world is rapidly becoming a smaller place in which to do business. And as international borders and boundaries become less of a barrier to business, participants in equipment leasing and finance find their world getting smaller, as well. "Globalization" is now an accepted and well-understood concept in most industries and markets, and it is no longer limited to large multinational corporations or institutions. With suppliers, vendors, and customers in many countries on several continents, all linked through the omnipresent Web and Internet, even small, independent businesses may successfully operate across borders.
Best Practices of Cross Marketing and Selling New Services To Clients
June 28, 2005
Cross selling is an elusive goal for law firms. The idea is simple: To interest clients that are using one practice area in using a second or third area. But the devil is in the details, and most cross-selling plans fail as soon as they meet one of several common objections. <br>As a result, to paraphrase Mark Twain, everyone talks about cross selling, but nobody is doing anything about it.
