Finance & Accounting

The balancing game of bonuses – carrot, stick, chicken or egg?

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR)] August 14, 2019

Law firms continue to use bonus arrangements to reward and provide incentives for employees, but management needs to weigh up the real impact they may or may not have – while remembering that motivating factors can vary from person to person, writes Leonie Green. I remember many years ago in a meeting with one of […]

Staff turnover hurts, but beware of keeping people at all costs

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] June 25, 2019

Efforts to minimise employee turnover may be counter-productive because the truth is that some people may not be the right match for a particular firm, while the investment in them may outweigh their benefits to the practice, writes Rob Knowsley. Readers will have noted that a lot of commentary within the profession focuses on the […]

Latest news – General counsel ‘on the defensive’; Skills shift for law librarians; Recruitment tips for greater diversity

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership,Technology] April 29, 2019

Royal commission a wakeup call for GCs New research shows that, in the aftermath of the banking royal commission, 48 per cent of general counsel in Australia are looking to redesign their working practices. The State of Australian Corporate Law Departments Report 2019, produced by Thomson Reuters in collaboration with UK legal research firm Acritas, […]

Applying the John West test – how to prevent disasters with fishy clients

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,Strategy & Leadership] March 27, 2019

Sometimes the most valuable decision you can make when running a law firm is to not take on a client, so putting in place robust processes to determine which clients you accept or reject can save firms many future problems, writes Peppy Mitchell. How many times have you been in a difficult situation with a […]

A message to all small law firms – as principals, you need to make a profit

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] March 25, 2019

A failure to properly address profitability and pricing confidence has left the principals of many smaller law firms, in particular, to a life of opening their doors without the prospect of an appropriate livelihood, writes Rob Knowsley. In previous articles in this series, I have dealt with the imperative of clearly understanding the level of […]

Latest news – Sexual harassment in crosshairs; Talent recruitment worries firms; GCs fear political, cyber risks

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] March 24, 2019

Law reform, cultural change the key to combating sexual harassment Cultural and structural change is as vital as legislative reform to combat sexual harassment in Australian workplaces and the legal profession, according to the Law Council of Australia. In its submission to the Australian Human Rights Commission’s (AHRC) National Inquiry into Sexual Harassment in Australian Workplaces, […]

Will your firm flourish or flounder in tougher economic times?

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] March 23, 2019

Given talk of an economic downturn and a possible recession in Australia, senior managers in law firms need to start recession-proofing their businesses and identifying their strengths and weaknesses, writes Trish Carroll. Australian economists are not alone in predicting an economic downturn, or even a serious recession, depending on whether you are a glass-half-full or […]

Latest news – Billable hour dominates invoicing; Leadership skills in demand; Diversity strategies don’t always deliver

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] March 4, 2019

Billable hour still rules at mid-market firms A new survey from Pitcher Partner reveals that, despite a shift towards alternative fee structures, the billable hour still dominates for certain law firms. The survey of 140 mid-market sized firms found that hourly rates make up 58 per cent of invoices, with fixed rates comprising 29 per […]

Latest news – Top-tier firms see the positives; Report urges rethink of law firm model, UK law grads hit pay dirt

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership,Uncategorized] January 27, 2019

Bullish outlook for top-tier Australian firms Sentiment among legal practices, especially top-tier firms, is “exceptionally positive”, according to the latest edition of the CommBank Legal Market Pulse. The annual analysis of the trends shaping the legal services industry in Australia turns the spotlight on the way in which firms are future-proofing their operations in response […]

Latest news – Big profits, big grins for firms; more women joining partner ranks; Litigation finance on the rise

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 24, 2018

Firms naturally upbeat as profitability increases Australian law firms are happy about business conditions on the back of recent large profits, according to the latest CommBank Legal Market Pulse series. The survey found that the confidence of the country’s top and mid-tier firms in both industry and broader economic conditions rose from 20 per cent in […]