Finance & Accounting

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 […]

Law firm essentials for surviving the COVID-19 pandemic

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

During the COVID-19 pandemic, resource-poor small law firm practitioners have to take care of themselves, their clients and their cashflow if they hope to survive, while at the same time catering to the whims of all their stakeholders. Jordan Furlong offers some tips on how to do it. What will the COVID-19 pandemic and its […]

Why the viability of many small firms hinges on better pricing skills

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] July 29, 2020

In the quest for greater profitability, there is a crying need within small law firms for more training around pricing, both in terms of skills and the psychology of fee-setting, writes Rob Knowsley. A great deal of attention has been quite properly directed in recent years at ways to improve the viability of small legal […]

Pricing in a downturn: helping clients through the crisis

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

Agreeing to any client requests for fee reductions during tough economic times can have a seriously debilitating effect on the long-term viability of a law firm and such actions should not be taken lightly, writes Colin Jasper.   What the research says… During the past month, I’ve read three pieces of research – relevant to […]

Latest news – Office space shrinking; Revenue falls for law firms; Legal assistance coup

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] July 22, 2020

Law firm offices shrink as COVID-19 hits home COVID-19 appears to be accelerating the shift towards law firms with smaller office footprints. While many law firms had already been downsizing their offices before the pandemic hit, the shift to working from home may be fast-tracking that process. According to a survey conducted by commercial real […]

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 […]