Finance & Accounting

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 […]

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 […]