Finance & Accounting

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 […]

Q&A: John Nerurker: “We don’t want to create an environment where partners are competing against each other in an ‘eat what you kill’ environment”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership,Uncategorized] November 6, 2019

In the first installment of a two-part Q&A, Mills Oakley CEO John Nerurker explains how a distinctive, collaborative approach has underpinned his firm’s transformation into one of Australia’s largest law firms. He also explains why transparency and fairness are the rationale behind the firm’s mantra of ‘rewards follow performance.’ Mills Oakley has been in business […]

Latest news – Demand for female barristers; Change too much for many law firms; Technical skills trump soft skills

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership,Technology] November 1, 2019

Recommendations starting to flow for female barristers Female barristers are starting to receive more briefs and are more often recommended for work by their colleagues in new or current matters, according to new Law Council of Australia data. But the Law Council’s Equitable Briefing Policy Annual Report 2017-18 shows that female barristers still lag behind male colleagues […]

Make it memorable – the 2-5-3 method of pricing

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

Pricing should not be rocket science for law firms, but it is important to ensure that there is clarity in terms of desired objectives, and sufficient flexibility to ensure that there is not a one-size-fits-all approach when billing clients, writes Joel Barolsky. Pricing professional services can be a bit tricky. Price too high and you […]

A burning platform – why enabling and measuring innovation is such a hot issue

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] September 19, 2019

Amid all the talk in legal circles about innovation, change and the death of the billable hour, there is real tension as to how law firms can best measure innovation and drive productivity, writes Mark Andrews. Best-selling author John Kotter describes the importance of the burning platform in establishing a reason for change in organisations. […]