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It’s about keeping the lawfirms doors open. In most lawfirms, unless you work for a plaintiff firm, billable hours are the lifeblood that keeps the doors open, pays your salaries, and pays the bills. The purpose of billable hours is simple: it’s how lawfirms generate revenue.
Legal analytics provides actionable insights that help optimize workflows, enhance client relationships, and boost overall firm performance. The ability to harness data analytics is rapidly becoming a key differentiator for lawfirms. Consistently tracking this metric allows firms to streamline case workflows.
As we step into 2025, we’ll continue to experience technological evolution at an unprecedented pace that will reshape how lawfirms operate. The continuous evolution of legal technology is not just a trend; it’s a fundamental shift in how legal services are delivered, managed, and experienced.
If the firm has asked you to RTO (return to the office), do I want to? If I move to another position, will I encounter the same stress? The job: Is my work environment supportive, or is it hostile or stressful? Just how many more New Years Eve am I willing to work? How about leadership? Sorting this out is crucial.
Our friends at MyCase recently surveyed over 2,800 legal professionals and covered a wide range of technologies that impact lawfirms, including artificial intelligence (AI) and generative AI. The post 2025 Legal Industry Report appeared first on Above the Law.
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Lawfirms of all sizes are feeling pressure to meet client demand for both tailored services and greater efficiencies in this rapidly changing industry. Legal teams are being pressed to control costs and better respond to changing regulatory and risk management obligations. Increasing law practice specialization.
Chaos is a ladder if you’re plotting to conquer a dragon-themed fantasy world or practicing law at the highest level. But the Q1 2025 LawFirm Financi a l Index suggests the good times may not last, with the market delivering some of the same warning signs that preceded the last time the bottom fell out of the industry.
Specialized bankruptcy software is transforming the way attorneys manage these cases, making the process more efficient and accurate. Fortunately, specialized bankruptcy software is transforming the way attorneys manage these cases, making the process more efficient and accurate.
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Learn how big tech has changed the legal industry Free Guide The Small Firm’s Guide to Big Tech While any change in how you operate your law office can feel overwhelming, there’s never been a better time to start migrating your office structures online. That's the only way to succeed today!
As with most things tech-related, a typical lawfirm has historically trailed a typical corporation in tracking important business metrics and utilizing them in decision-making. Thats because advances in legal technology are eliminating challenges that have traditionally bedeviled lawfirms looking to make decisions with their data.
In our forthcoming Spring 2025 publication, Fighting the Hypothetical: Why LawFirms Should Rethink the Billable Hour in the Generative AI Era, [1] we hypothesize that Generative AI (GenAI) technology will change forever how legal services are delivered and will force lawfirms to re-engineer their legacy economic model.
Lawcus Review: Lawcus has aggressively cross-pollinated lead and client management features across a single platform for lawfirms. . Even at this late date, the market is inundated with productivity (client management) options, while few marketing (lead management) tools built for lawfirms are available.
Firms can leverage mediation tools to reduce costs, improve client outcomes, and enhance efficiency. Rising expenses, including legal fees, court costs, and lost productivity, create challenges for firms aiming to manage disputes efficiently.
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by Blake Lively with Comments From Chere Estrin Blake Lively nailed this concept about the value of your team in her article, “Your LawFirm’s Employees Cost Too Much to Lose. If you are in lawfirmmanagement, you simply MUST read this article Chere Estrin What does it cost to replace an attorney in your lawfirm?
Save time in your work day with Rocket Matter legal practice management integrations. Managing legal matters can make you feel like you’re running around like a chicken with its head cut off. One easy change you can make today is to integrate the software you use every day with your legal practice management software.
Project management tools can help lawyers with ongoing, chaotic, unpredictable workflows. McElroy at Procter & Gamble circulated a memo that envisioned an employee who would be responsible for every facet of brand development — everything from tracking sales to advertising, promotion and product development. In 1931, Neil H.
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Instead, it lies in fostering a change management culture that prioritizes efficiency, transparency, and alignment between legal departments and their partners. VBP flips this dynamic, creating partnerships by aligning incentives between the client and the firm. How Do You Determine the Value-Based Fee?
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Many partners at lawfirms do everything they can to increase the number of hours billed by associates since this has a substantial impact on the financial health of a firm.Unless lawfirms have explicit incentive systems in place, partners do not have many tools at their disposal that they can use to convince associates to bill more hours.At
I’ve been thinking about what it means to lead a company through crises and how each crisis affects lawfirm leaders. And we have invested endless energy in our firms and in support of our clients. Helpful Resources for LawFirm Leaders. How wrong I was. We have strengthened our resolve. Harvard Business Review.
Integrated accounting software is a vital tool for modern law practices. This software understands how lawfirms work and can make daily accounting workflows and overall client and financialmanagement more efficient. This gives your firm a clear picture of its accounts, billing, budgets, client payments, etc.
By enabling faster transactions, reducing errors, enhancing client satisfaction, and ensuring greater compliance, automated document management optimizes real estate law practices for success in a fast-paced market. Real estate law involves a variety of document types, each with its own requirements.
The end of the year is typically when firms address compensation issues, including adjusting base pay and bonuses. More firms need to go beyond changing the terms of a lawyers compensation to adjusting the structure of partner compensation itself. If you don’t, some other firm will. Why Change Your Partner Comp Structure?
By Lawrence Pascoe Compared to other businesses, lawyers have not evolved in how they serve their clients Let’s be honest; the way lawyers serve their clients has not changed much , not just from the late 1970s when I started practicing law but probably since the 1200s when England passed laws regulating the conduct of the legal profession.
Servant leadership is a management style in which you lead by placing the needs of your team first. Given the fear and uncertainty surrounding managing hybrid work and holding onto talent through “the great resignation,” it’s no wonder that lawfirm owners are rethinking their leadership style.
The post LawFirmManagement: Key Insights and Strategies for Success appeared first on Rocket Matter. Get free e-book Legal brilliance alone doesn't guarantee the success of a lawfirm. Running a thriving practice requires a strong foundation in lawfirmmanagement. Financial Oversight.
Usually, those frustrations amount to the standard learning curve from law school graduate to actual practitioner and after a few months everyone forgets about them until aging partners invent a whole new tier of partnership to cut the next generation out of a slice of their profit pie. Which earned an edit, but… were they really wrong?
Table of contents Defining Leadership The Five Pillars of Lawyer Leadership Skills Pillar 1: Leader Identity Pillar 2: Leadership Impact Pillar 3: Strategic Thinking Pillar 4: People Management Pillar 5: Personal Productivity and Peak Performance Pointers for Planning a Lawyer Leadership Skills Program Invest in People.
AffiniPay, the parent company of a group of technology products for managinglaw practices and accepting online payments, includingLawPayandMyCase, today released its 2025 Legal Industry Report, based on a survey of over 2,800 legal professionals, primarily in solo and small firms, and it reveals a profession at a critical technological crossroads, (..)
A successful cyber attack can expose the contents of your computer systems — things like confidential client data, work product, financial records, account passwords, and everything else you have a consequential professional and legal obligation to safeguard. So what are the biggest lawfirm cyber risks?
based Intapp , a major provider of cloud-based business applications for larger lawfirms and financial services firms, filed papers Friday with the U.S. In 2015, AppFolio, which then owned practice management platform MyCase, went through an IPO , but its primary products were not in legal, but in property management.
For most lawyers, financialmanagement is the area of practicing law that causes the most stress. That stress can quickly get in the way of your firmsfinancial healthbut theres no time like the end of the year to evaluate your billing and start making improvements. We completely get it.
When it comes to keeping accurate records of your lawfirms accounts, its essential to use tools that give you a clear picture of your firms performance and meet your legal, regulatory, and ethical requirements. What is lawfirm accounting ? What is general accounting?
My plan backfired when my workaholic brain sabotaged me by setting the highest financial goal I’ve ever had for a single month. Eventually, though, a lawyer who self-identified as a former workaholic contacted me — a lawfirm owner and plaintiff’s attorney specializing in Social Security disability insurance and veterans’ benefits cases.
The post Maximize Your LawFirm Finances: Fix These 9 Mistakes to Boost Profitability appeared first on Rocket Matter. Get free e-book Lawfirm finances should be straightforward: your revenue should surpass your costs, earning your profits. Yet, many firms struggle to stay lucrative over the long term.
I attended a fascinating presentation at this years CLOC Global Institute which focused on the results from the most recent CLOC in-house survey, which for the first time was conducted in collaboration with Harbor , a provider of legal services supporting lawfirms and corporate legal departments.
In many lawfirms, the senior partners who built the business are now approaching retirement. Theyve brought in clients, developed relationships, and set the tone for how the firm operates. Lawfirm succession planning is often overlooked until it becomes urgent. It loses critical insight.
Understanding billing format standards is key for professionals in corporate law, insurance defense, or those looking to join fields heavily reliant on e-billing. Selecting the right legal practice management software can be a game-changer. It revolutionizes your firm’s operations, and optimizes resource allocation.
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