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.

Read more

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.

Read more