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Law Firm Operations
CRMs Aren’t Just for Big Law: Features That Can Help Every Firm Be More Efficient and Profitable
Although many people think that customer management relationship systems (CRMs) are relatively new in existence, the practice of keeping customer records has existed for centuries. Merchants, even those selling their wares in ancient times, understand that it’s much easier to sell your goods to a current or past customer than to try to cultivate new business. Modern CRMs are simply digital, highly sophisticated versions of customer records traditionally kept on paper. While most businesses of any size in any industry can benefit from the use of CRMs, some cannot run their organizations efficiently without them. In recent years, niche-specific CRMs have been designed specifically for certain types of businesses, including law firms.
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Law Firm Operations
Conflict Check Basics: What Every Legal Professional Should Know
There are many instances when a lawyer can run into a conflict of interest with a prospective new client, and some may not be easily identified before the retainer agreement is signed. Here are a few potential conflicts of interest that can result in serious ethical issues for attorneys...
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Law Firm Operations
Building Significant Business Partner Relationships
It is critical for your business to align itself with competent and ethical business partners. Mediocre business partners can have a devastating impact on your firm. Every business partner, no matter the size or how often they are utilized, must be transparent, ethical, competent and communicative.
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Law Firm Operations
Maximizing Memberships with Professional Associations and Networking Groups
In today’s environment, networking is a key factor in building professional relationships and an attorney can easily spend a good part of their day networking, if they don’t manage their time appropriately. It is important, therefore, that legal professionals choose wisely those groups that will make a real difference for his/her business.
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Law Firm Operations
Why Branded Touchpoints Are More Important Than Ever Before
With so much technology at our fingertips, individuals are inundated with information in the form of email, text messages, news alerts and social media notifications. As a business, it can be difficult to cut through all of the “digital noise” and connect with people; branded touchpoints are more important than ever. They can lend credibility…
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Law Firm Operations
How Law Firms Can Avoid Failure
In recent years, an alarming number of law firms of all sizes have failed. It is important to understand what happened with these firms and install certain procedures to avoid similar circumstances. These procedures should help any firm to thrive in the near-term and long-term future.
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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
What Lateral Attorneys Should Consider Before They Move
When considering a lateral move to another firm, it is important for an attorney to make the appropriate inquiries into each potential firm. A thorough investigation into any potential new firm is necessary, now, more than ever as the COVID-19 pandemic has changed the practice of law. Remote work is very common and will continue to exist. A prudent potential lateral will examine the new firm’s financial documents and meet with firm leaders to gauge the firm’s overall health. A lateral candidate does not want to join a firm that is not financially sound or has not adapted to the current environment. By doing so, attorneys risk losing their clients, who are more likely to seek new counsel with a more stable firm, if they feel their current attorney has not performed proper due diligence when moving the practice.
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Law Firm Operations
Best Practices When Starting a Law Firm
When considering starting a boutique law firm, there are many issues that need to be addressed prior to the first day of business. For instance, if a lawyer is leaving another firm, it is critical that the lawyer read any documentation or current firm policies regarding clients and transferring data. The lawyer should make sure that the departure is as transparent and non-adversarial as possible. In some instances (especially with equity partners), it would make sense to engage a business attorney.
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