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We found 1,985 results for "Accounting and Financial Planning for Law Firms"...

When Does Zero Equal More? The Add-In Budget
November 01, 2023
This article is about putting more money into the distributable income line on your monthly financial report; how to rethink and profit from your annual budget-planning cycle, which should be underway now and not postponed for January after the "year-end" collection silly season.
Unleashing the Power of Flexibility In Law Firms for Recruitment, Retention, Diversity and Client Expansion
November 01, 2023
Embracing flexibility can provide law firms with a range of competitive advantages, from attracting and retaining top talent to fostering diversity and expanding their client bases.
Outdated Compensation Plans Leave Young Lawyers Disenchanted About Leadership Roles
November 01, 2023
Without recognition for their varied contributions, young lawyers are likely to feel more disenchanted or disinterested in career longevity or leadership duties at a law firm.
Law Firms Might Meet Budget, But Uncertainty Looms
November 01, 2023
With the end of the year in focus, most law firms may well finish in line with their budget plans. But analysts and observers also described the end-of-year profitability picture in Big Law as "tepid," "flat-ish" and "volatile," with 2024 promising plenty of uncertainty as well.
'Do More With Less' Is Theme from New Legal Ops Report
November 01, 2023
The overarching finding of Thomson Reuters Institute's "2023 Legal Department Operations Index" is that workloads are increasing but budgets aren't. The phrase "do more with less" appears three times in the report and similar sentiments appear on nearly every page of the its 25 pages.
Embracing Drivers of Performance Other Than Billable Hours Can Be More Efficient and Resilient to Change
November 01, 2023
By shifting some focus away from input (billable hours) and embracing output (results), law firms can become more efficient and resilient to industry changes, improve client satisfaction, attract top talent and be better equipped to meet other, more long-term financial targets.
Lack of a Succession Plan Can Lead to the Death of a Law Firm
October 01, 2023
Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
New Partner Training Is a Key Component of Law Firm Success
October 01, 2023
Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
Billing Harmony: 5 Tips for Crafting Clear Billing Guidelines
October 01, 2023
Clear billing guidelines are essential for effectively managing client relationships and preventing costly and time-consuming billing disputes. Well-defined billing standards set expectations upfront, ensure consistent application of rates and procedures and provide transparency around what work will be performed and how it will be billed.
Best Practices In Building Contingency Fee Practices
October 01, 2023
There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.

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  • Identifying Your Practice's Differentiator
    How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
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  • Risks and Ad Fraud Protection In Digital Advertising
    The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
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