Not Meeting Your Profitability Goal? Is Overhead to Blame?

Improve Profitability As the first quarter of 2017 comes to a close, many firms are reviewing the goals set in January and comparing them to the results of today. Firms are discovering our industry’s new normal—historically low mortgage defaults coupled with high costs of compliance—requires a new approach in order to regain a strong financial position.

No matter your alma mater, Business Management 101 taught us the only way to improve profit margin is to increase revenue or decrease expenses. Increasing revenue is more invigorating, but success is gradual.

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Understanding Your Realization Rate

Everyone likes to get paid for the work they perform. If someone were to offer you a job and tell you that they were only going to pay you for about 60% of the hours you work, you probably wouldn’t take the job! Yet many law firms are performing significant amounts of work and not receiving payment. In other words, the Realization Rate is less than optimal.

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Visit Us at the 2017 MBA Mortgage Servicing Conference

Innovate with Firm SolutionsMark your calendars for unlimited light bulb moments! February 14-17 industry professionals from around the country will converge in Dallas for the 2017 Mortgage Servicing Conference & Expo and we want to meet you there!

 

Maximize Your Profitability with Firm Solutions:
Innovation + Efficiency + Scaleability

Located at booth #918, we are available throughout the show to discuss your 2017 goals and creative new ways to manage your firm in today’s environment.

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The 4 Questions to Ask to Find the Right LPO Vendor

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Sudden influxes in file volume and unexpected projects can upset the balance of your law firm’s workload. To manage your fluctuating workflow and keep your staff focused on core competencies, legal process outsourcing (LPO) may be a good solution for getting reliable support. Read more

3 Common Myths of Outsourcing Debunked

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Outsourcing is widely used among law firms to help maximize their profitability potential. It can increase efficiencies and reduce spending on non-revenue-generating positions at your firm. Read more

Top 5 Features to Look for in a Case Management System

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The ability to operate efficiently and effectively in the digital domain is essential to the success of default law firms. Your case management system can be a valuable tool in helping you accomplish that, but are you taking full advantage of the top features now on the market? Read more