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Law Firm Operations
Best Techniques For Reviewing Revenue and Expenses
Law firm leaders understand the concept and importance of profitability. Nevertheless, in many practices, expenses and revenue are not reviewed on a regular basis. While your firm may be focused on other aspects of maintaining business, it is imperative that steps are taken to ensure your firm continuously reviews its finances and expenses.
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Law Firm Operations
Controlling Expenses
The goal of all law firms is to be profitable, but achieving that goal can be difficult for some lawyers. Generating income is, obviously, the first step towards making a profit; of course, income can only be generated if billable hours are accurately recorded and invoiced to clients, and if payments for those invoices are collected. Moreover, all firms, no matter their size, must spend money to make a profit. The transactions of money flowing out of the firm are recorded as expenses in the firm’s accounting system. Profit is determined by the amount of income that exceeds a company’s expenses incurred to generate the income itself. Therefore, it is important for all businesses, especially law firms, to control operating expenses, which in turn requires timely and accurate accounting, organization and analysis of financial information.
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Law Firm Operations
Increase Profitability in a Law Firm by Improving Operations
In most law practices, a qualified professional can predict the costs associated with operating a firm relatively accurately. Most expenses are easily forecasted including salaries, facilities and technology. However, revenue is a bit more difficult to predict. Maintaining and attracting clients is key to increasing revenue. Revenue is also associated with time entry, realization, and collections. Both revenue and expenses can be improved by optimizing operations.
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Law Firm Operations
Zola Suite Feature Spotlight: Dedicated Timekeeper Goals Setup Page
Legal professionals use a wide variety of tools and methods for tracking time spent on billable matters. Some are sophisticated, while others are more problematic and error-prone; for example, lawyers who use giant spreadsheets that are updated at the end of each day or week or sticky notes to jot down each task by hand.…
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Law Firm Operations
Zola Suite Feature Spotlight: Effective Rates Report
Measuring the productivity and profitability of your timekeepers is rarely straightforward. There is, of course, the hourly rate and total billable hours for any given matter, but that fails to look at all the different variables: differing rates by matter or client and time spent on the matter that can’t be billed to the client (or is eventually written off).
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Accounting & Reporting
Zola Suite Feature Spotlight: LEDES Budgeting
Electronic, or LEDES billing is a necessary, and often dreaded, process at many law firms. Between enforcing timekeeping with the appropriate LEDES codes, generating invoices that are in alignment with the client’s requirements and successfully submitting these invoices to various clearinghouses, e-billing can be time-consuming and downright frustrating for the back-office. With Zola’s advanced LEDES…
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Matter Management
New Tools to Enhance Law Firm Efficiency
Every year, we look forward to heading to Chicago for ABA TECHSHOW to join fellow tech-enthusiasts for new product announcements, informative sessions and panel discussions, and networking with partners, colleagues and clients. Despite this year’s conference being held virtually, we are still excited to share a few of the over 1200 updates that we’ve made to Zola Suite since last year’s event.
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Matter Management
Hanging Out A Shingle: Is It Better to Start with Practice Management Software or Select a Solution Once a Firm is Well Established?
Congratulations! You have decided, either as an individual or with a group of colleagues, to open your own law firm. There is a lot to do and many choices to be made. Everything from office location, firm name, domain name, business cards, internet and phone services to computers (Windows or Mac) must be decided. You may get to the point where you feel you just do not want to make another decision, but decide you must.
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Law Firm Operations
Taking Tasks Out Of Email
As a lawyer, you start off your work day by checking your emails. You see one regarding a task that needs to be done, so you forward the message to your legal assistant. You then receive a reply with questions regarding the task. You reply, and so begins a long email thread. A week later, you’ll add to that thread when you inquire as to the status of the project. It’s an all too common, wildly inefficient, scenario that plagues legal teams.
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