Finance & Accounting

Latest news – Domestic violence rethink; Move to limit cyber attacks; Spending focus on contract management software

[Australasian Law Management Journal,Finance & Accounting,General Management,Technology] July 5, 2021

Legal profession leads change on domestic violence Domestic violence experts from across the country recently came together to take part in the Law Council of Australia’s National Roundtable on Family Violence: Awareness, Education and Training, to start a new discussion on how the legal profession may rethink its responses to and understanding of domestic and […]

The top 5 professional negligence risks (and how to future-proof your firm)

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,Strategy & Leadership]

With professional indemnity claims forecast to rise in a COVID-19-afflicted world, Annette Beashel identifies the key risks facing law firms and outlines strategies that firms can implement to safeguard their practice. Professional indemnity insurers around the world are concerned that there will be a rise in PI claims as a result of the pandemic. Three […]

Latest news – New funding help for women; Legal-tech budget woes; Revenue lift for small firms

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Technology] May 31, 2021

Funding boost welcome for legal assistance services The Law Council of Australia is pleased that the Australian Government has announced additional funding for Australia’s legal assistance sector, with a focus on improving access to justice for women and those experiencing mental health issues. Key funding measures in the 2021-22 Budget will provide a range of […]

Annual rate setting – is it time to rethink your firm’s approach?

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] May 30, 2021

A time-honoured approach to rate setting within law firms often has a negative impact on profitability, but a change of mindset and methodology can turn things around, writes Colin Jasper. When it comes to setting rates for the new financial year, most firms have a well-established process. This may involve some competitive benchmarking, an assessment […]

10 takeaway lessons from the World Masters webinar series

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 28, 2020

In the second of a two-part article, we report on the recent World Masters of Law Firm Management webinar series and the key lessons that emerged for law firms as they start planning for 2021. The World Masters webinars consisted of five sessions covering:  1. Strategic overview (Joel Barolsky – Barolsky Advisors) 2. Pricing (Colin […]

World Masters – Colin Jasper, principal of Positive Pricing: “The easiest thing to do is to compete on price, but as soon as we do that we focus less and less on the creation of value.”

[Australasian Law Management Journal,Finance & Accounting,Marketing & Business Development,People Management(HR)] December 7, 2020

In a recent World Masters of Law Firm Management webinar, Positive Pricing principal Colin Jasper answered the big questions for firms struggling to get their pricing right. In this edited summary of the session, he provides tips for leadership teams and partners to follow. Why is pricing so important for law firms? There is a […]

Latest news – Strong pandemic profits; Law societies impress; ‘Attractive’ firms named

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] November 26, 2020

Most Aussie firms defy COVID-19 downturn A new report reveals that most Australian law firms have successfully combatted the disruption and financial pain of the COVID-19 pandemic. The latest CommBank Legal Market Pulse reports a mean profit increase of 7 per cent across the sector this year. A further boost of 5.5 per cent is expected […]

Helping your clients by charging more

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] September 21, 2020

There is natural inclination for a law firm to offer discount rates to valued clients in order to assist them and keep them on board, but this is an approach that may cost your firm and your client, writes Colin Jasper.   I want to help my clients Most lawyers develop bonds with their clients. […]

Latest news – Cybersecurity focus for CLOs; Backing for electronic document processes; Workflow gains the 2021 goal

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] August 26, 2020

CLOs key players in cybersecurity planning A new international survey reveals that within 71 per cent of organisations, the chief legal officer (CLO) plays a key role in leading cybersecurity strategies. In its 2020 State of Cybersecurity Report, the Association of Corporate Counsel Foundation examines cybersecurity activities from an in-house perspective. It surveys 586 law […]

What does your firm’s balance sheet tell you?

[Australasian Law Management Journal,Finance & Accounting,Marketing & Business Development,Strategy & Leadership,Uncategorized]

In an effort to increase the net worth of their law firm, smart partners should be paying more attention to five important intangible assets on their often-neglected balance sheet, writes Joel Barolsky. Law firm partners pay a lot of attention to their firm’s profit and loss statements, but they tend to glance over the asset […]