Posts

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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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

3 Technology Tips to Do More With Less

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One of our recent blog posts – 4 Ways Default Law Firms Can Cut Costs – covered how law firms can become more efficient by eliminating things that don’t improve profit margin or grow the business.

As a follow-up, this post focuses on how creditors’ rights law firms can accomplish more with less by leveraging technology and maximizing how it’s used. Read more

5 Ways to Guarantee Your Firm is Billing Properly

One of the many things we see when consulting with law firms to improve their business processes is that many are missing out on billing opportunities or billing incorrectly, resulting in a high percentage of rejected invoices or uncollected funds. If a law firm’s business processes aren’t well organized, then it’s at a higher risk for billing for less than entitled, or not at all.

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5 Reasons Efficiency Should Be Your Law Firm’s Top Priority

The ability to accomplish a task or process without wasting materials, time or energy is a key factor to successfully running a law firm. But it’s easy to lose sight of efficiency when the necessities of practicing law, coupled with compliance requirements, pull your team in different directions throughout the day.

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