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How To Increase Law Firm Profitability? Increasing the pace of cash flow will help make dramatic improvements in the law firm profitability. A law firm can increase its profitability by decreasing the “turnover time”. It is the amount of time required to convert an hour of billable time at standard rates to cash. The first step is to determine total turnover time. That is how long it takes the firm to convert time into cash. We ca...

THE “GOOD OLD DAYS” Without the Advantages of Modern Technology (Reprinted with permission of Law Practice Management) By Robert James Henderson © I began the practice of law in 1958. Back then, we didn’t have all of the wonderful advantages of modern technology. For instance, if we wanted to make copies of documents, we simply inserted more sheets of carbon in the typewriter. Our telephones were...

(Reprinted with Permission of Legal Economics) By Robert James Henderson-1988 I have been practicing law in the same firm since graduating from law school. During that time, my practice had been devoted almost ex­clusively to personal injury litigation. I was content to let others manage the firm while I “did my thing” as a trial lawyer. I was convinced I wasn’t cut out for management, and I thought the job of managing p...

Law Firm Strategic Planning It feels like 2018 just started, but we’re already well into the second quarter of the year! No matter if you run a small, medium or large law firm, this time of year is a great time to reset, reassess and make real changes in your law firm strategic planning. If your law firm isn’t where you want it to be, changing your trajectory isn’t as tough as you might think.   Steps To Reassess Your...