Maximizing collections and billing boosts profits; to increase profitability, firms must know their costs, have established billing rates and focus on revenues and profit margins

Article Abstract:

Successful law firms in the 21st century will be scrupulously attentive to the management of billing and collections, with a well-conceived and implemented billing-rate policy, provisions for alternative fee arrangements, and contingency practices generating added income. Firms with the best management analyze clients' ability to pay their bills before accepting them, evaluate a company's ability to remain with major litigation, and manage clients' expectations regarding the scope of work and billing costs. It is key that firms extract and apply critical data from their financial statements.

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Decision may leave partners unprotected; a recent 3d Circuit ruling ordering limited partners to pay back distributions may affect law firm partners nationwide

Article Abstract:

The United States Court of Appeal's 1998 ruling in Henkels & McCoy, Inc. v. Adochio shows how limited partners receiving partnership distributions may become liable to the partnership's creditors, and the decision may affect limited liability partnerships, including law firms, throughout the country. The applicable sections of the New Jersey Uniform Limited Partnership Law which the majority opinion dealt with have been adopted throughout the country in one form or another. The ruling highlights how lawyers may be liable when their firm is in trouble.

Limited liability partnerships

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Loose change adds up to big budget bucks for firms; lawyers who take stock of where their marketing money goes may be surprised at the waste of poorly directed spending

Article Abstract:

The importance of cost-consciousness in the management of a law firm's marketing budget is discussed. Measuring the firm's return on investment requires annual examinations of the marketing budget. Policies to review include those covering travel, advertising, public relations, business entertainment, and professional development.

Client development

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