It’s no secret that time is money, especially for law firms. It’s a constant challenge to balance practice management with revenue generation. Even if you believe that technology reduces the inefficiencies that rob profitability, it can be overwhelming to know…
Small and mid-size law firms shouldn’t overlook the necessity of setting up the right budgeting and accounting strategies to organize financial information. Too often, law business owners see budgeting practice as a norm to be followed for marketing, law business…
Clients facing financial pressures of their own have become more demanding of their legal counsel and hesitant to pay fees billed by the hour which can be unpredictable and opaque. Law firms have had to devise alternative methods of billing…
Introduction- The importance of big data is soaring. Each day, the profound impact of data analytics can be felt across myriad domains of digital services – courtesy endless stream of information they generate. Yet, a handful number of people actually…
Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of several different investments. ROI tries to directly measure the amount of return on a particular investment, relative to the investment’s cost…
Introduction- One of the biggest challenges faced by law firms is the slow payment of invoices, with uncollected money and low realization rates putting a serious damper on a firm’s profitability and cash flow. When you peel back for the…
What is the cloud technology? It is essentially a network of hosted resources that you can access through the internet. Cloud-based software runs directly from company servers, which you can access through a web browser or dedicated app. Dropbox, Facebook,…
Introduction- Law Firms use data to evaluate and check their marketing efforts and learn more about their customers, making use of some of the key tools available to gather and store data. Attorneys can now use data analytics to inform…
Introduction- Legal utilization is complex for many law practitioners. As a whole, attorneys work hard to show their financial benchmarks by billable goals. For the fact that utilization becomes a differentiator for the success of the firm. Utilization rate in…
Introduction- Running a law firm is no different than running any other kind of business. Although legal business is a service business, the operational aspects should be treated similarly to other types of businesses like retail, hospitality, or even online…