CALENDAR OF EVENTS
August 12, 2003
San Francisco will be the site of the 16th annual conference and workshops on <b>Law Firm Management & Economics</b>, hosted by our Board member Joel A. Rose on March 20-21.
Committing Firm Resources to a Proposed Ancillary Business: A Checklist
August 12, 2003
The following discussion and checklist are based on guidance provided in <i>Beyond Legal Practice: Organizing and Managing Ancillary Businesses</i>. Thanks are due to The Hildebrandt Institute and author James W. Jones for permission to adapt their material. For details on this currently very popular booklet, see Hildebrandt's website, www.hildebrandtinstitute.com. (We're looking forward to more Hildebrandt advice on ancillary businesses: another topic from this popular booklet will be expanded upon in a future edition of the <i>A&FP</i> newsletter.)
Motivating Partners to Bill and Collect
August 12, 2003
As in refining any other law practice skill, the key to improving billing and collection is self-motivation, enhanced and supported by the firm's operative structure.
Building a Comp Plan That Works
August 12, 2003
On a recent visit to Altman Weil management consultants in Newtown Square, PA, I met with James D. Cotterman, a longtime contributor to (and just-retiring Editorial Board member of) this newsletter. Jim was the lead author and editor of both the 2nd and 3rd editions of the ABA-published book <i>Compensation Plans for Law Firms</i>. Regrettably I can't share with you Altman Weil's excellent hazelnut coffee, but I hope you'll enjoy the following condensed excerpts from our conversation about Jim's book. With Jim's concurrence, I've also prettied up my sketched notes on some compensation system and profitability interrelationships explained in the book; these flow diagrams appear on pages 2 and 5.
Avoiding Extinction in a Turbulent Legal Market: Financial Hygiene Perils
August 05, 2003
The early days of 2003 have brought a stark reminder to the leaders of law firms: While strong law firms have experienced an exceptional level of prosperity and growth in a consolidating market, continued expansion and ever increasing profitability are not the only potential destinies for law firms today. As the high profile closures of long established firms such as Brobeck; Peterson & Ross; Hill & Barlow and others demonstrate anew, firms can fail.
Progress in Standardizing Law Firm Invoices
August 05, 2003
The legal and accounting professions have made significant strides in defining standard invoice data codes as well as formats for law firm electronic invoices. The standards bandwagon has been in no danger, however, of tipping over from too many community members hurriedly jumping on it.
E-Invoicing: A Client Perspective
August 05, 2003
Our legal department at Atlantic Bank of New York was looking for an electronic invoicing system to make our outside counsel billing process more manageable. What we found was new technology and software that enabled us not only to improve the overall efficiency of our system but also to implement an invoice discounting policy that saves us money and gets our outside counsel paid quickly. Because the new invoicing system lets us turn invoices around so quickly, we have achieved such significant savings that we expect the invoicing system to pay for itself within just a few years.
E-Invoicing: A Law Firm Perspective
August 05, 2003
As argued in the accompanying article on one corporate law department's initiatives, implementation of electronic invoicing software should ideally be a win-win improvement benefiting outside law firms as well.
SBIC Capital for Small Businesses
August 03, 2003
Since the overhaul of the small business investment company (SBIC) program in the early 1990's, the program has grown rapidly to become a large source of equity and mezzanine capital for small and medium-sized businesses. This article provides an overview of the SBIC program, with particular emphasis on those features that benefit entrepreneurs.
Fee-saving 'DIY's' for Start-ups
August 03, 2003
The predicted economic turnaround will certainly bring new business start-ups with it. This time around, however, an entrepreneur's first step shouldn't be buying a sock puppet or a Super Bowl commercial.
