Finance & Accounting

Paper chase – bundy clocks, toilet paper and award compliance

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,Strategy & Leadership] March 26, 2020

Concerns over the underpayment of workers is a complex matter from which law firms are not immune, but the key is to be proactive over pay and conditions for staff and to follow a checklist to ensure that the fine detail is being addressed, writes Leonie Green. What a strange world we are living in […]

From ‘my’ client to ‘our’ client – it’s time for a change of mindset

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

Joel Barolsky outlines five of the key reasons why partners are often tempted to ‘hoard’ clients rather than share them across the firm – and how this poor practice can lead to terrible results for clients and the firm itself. What’s the prevailing mindset in your firm? Do people talk about ‘my’ clients or ‘our’ […]

Stick to the fundamentals and your firm can become – and remain – viable

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

Many legal practices become unviable because the principals to do not adequately understand the need for genuine profitability and liquidity, but they can turn it around by focusing on some simple fundamentals, writes Rob Knowsley. The viability of legal practice is again the flavour of the month. Lawyers are often counselled to look hard at […]

Q&A: Dominic Woolrych – “Whereas I used to have to beg lawyers to join our platform, now we easily get 20 applications a week”

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

In our Q&A, Lawpath founder and CEO Dominic Woolrych explains how a relatively young company has become Australia’s leading legal software platform for businesses and individuals in the past six years; why he gave up the security of working for a big firm; and outlines his two key pieces of advice for  others wanting to […]

Latest news – Key changes to Modern Award; AGM contingency warning; How to manage your reputation

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] March 25, 2020

Law firms need to be across changes to Modern Award By Ben Duggan, Director, DW Fox Tucker Lawyers The Fair Work Commission (FWC) has finalised its consideration of Annualised Wage Arrangements as part of its four-yearly review of the Modern Award. A key change to the current arrangements is the move towards two model clauses […]

Latest news – American legal market insights; Guidance on crowdfunding risks; Salary rises likely in 2020

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,Strategy & Leadership] January 18, 2020

US firms fare well, but headwinds looming A new report, the 2020 State of the Legal Market, provides a timely snapshot of legal practice trends in the biggest market of all, the United States. Produced by Thomson Reuters in conjunction with The Centre on Ethics and the Legal Profession at Georgetown University Law, it shows […]

Latest news – Recruitment on agenda; Mind your language; Cyber smarts lacking

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership,Technology] December 26, 2019

Companies, firms to expand legal teams There are promising signs on the legal recruitment front in the United States. According to staffing firm Robert Half’s State of Legal Hiring research, more than half of American-based lawyers (54 per cent) said their company or law firm will expand its legal team in the first half of […]

How cash-flow and liquidity problems can cruel even profitable firms

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 16, 2019

Liquidity means different things to different law firms, but the bottom line is that law firm managers and principals must be across myriad factors affecting cash-flow or face the prospect of quickly emerging financial problems, writes Rob Knowsley. There are many management challenges that confront small- to medium-sized law firms, and during my 45 years […]

Latest news – Profit-growth fears for law firms; Small firms dream big on tech; In-house ethical conundrum

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership,Uncategorized] November 18, 2019

Fall in business confidence hits profit-growth hopes The profit-growth expectations of Australian law firms have fallen, according to the 2019 CommBank Legal Market Pulse report. In its November report, CommBank notes that business confidence has dropped from its 2018 peak and, as part of their response, law firms are making a continued push into non-legal […]

Q&A: John Nerurker – “The better the quality of your people, the better placed the firm will be to respond to any form of disruption”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] November 14, 2019

In the second installment of a two-part Q&A, Mills Oakley CEO John Nerurker explains his belief that national firms have an edge over multinational counterparts; why being the cheapest firm does not necessarily represent value for clients; and how his firm’s model outperforms a lockstep model.   Mills Oakley has a national presence only at […]