This presentation covers examines the business management side of law firms, including metrics for law firm marketing, law firm technology spending and law firm profitability. It is broken into the following sections:
- Six Numbers Law Firm Stakeholders Should Know
- Investing time in your law firm
- Law practice vs. Law firm business
- Developing a roadmap
- Evaluating Clients
- Working within your budget constraints
Practicing law is not just about client files and research, but also defining the value of your legal services. Too many lawyers let their businesses suffer, failing to understand the finances of their files. Learn how to measure your firm’s worth, so that your billing and accounts meet your needs and your client's expectations in this session on tracking legal account receivables.
Join Colin Cameron, CA, Founder of Profits for Partners, Management Consulting Inc. and Joshua Lenon, Clio's Lawyer in Residence as they discuss:
- How keeping your firm solvent is an ethical obligation
- What financial measurement tools law firms are using
- What key financial performance indicators are critical for
your practice
A presentation stemming from a CLE webinar by Todd C. Scott of Minnesota Lawyers Mutual Insurance Company, which provides fantastic tips to minimize the risk of law firm malpractice. See the last slide for the next CLE Webinar on June 16, 2015
A LexisNexis survey of legal departments found a renewed sense of optimism among U.S.-based corporate legal departments. More than 70% of survey respondents, which were mostly comprised of corporate attorneys, said this year has been better as compared to the previous year. The survey also found that corporate legal departments are planning to bring more work in-house, that compliance and operational efficiency are the top challenges, and expect legal budgets and staffing to remain flat.
Everyone loves profits. Everyone loves to talk about profits per partner. We will restrain ourselves and not talk about the value of profits per partner as a metric, as hard as it is. Instead, let’s focus on how people stare endlessly at the eye-popping numbers of the top reported firms. BTI's analysis of more than 330 law firms reveals the firms with best profits (reported or not) exhibit these key traits. To learn more, please visit www.bticonsulting.com/themadclientist
This is a short yet impactful piece based on three vignettes from attorenys that have started their own law firms. These address: 1) setting financial and personal goals for a law firm 2) when to hire staff and 3) setting policies and procedures.
A study of challenges and opportunities facing the business of small law firms in billing realization.
- More than 80% of small law firms surveyed say they experience past due client accounts at least some of the time. More than half (52.9%) say between 10% and 39% of their total client base is typically past due.
- A majority of law firms surveyed (71.2%) report providing discounts or writing off legal work even before invoicing clients. Interestingly, an analysis comparing law firms that “always” and “never” provide discounts appears to show a correlation to past due accounts: Those law firms that reported never providing discounts on legal fees also reported substantially lower percentages of clients who allowed legal invoices to become past due.
You can only manage what you can measure. How does the in house team have visibility, certainty and control over legal costs particularly in global decentralised business? The session will share models, ideas, solutions and case studies of examples of businesses who have, through technology, process and discipline, not only wrestled control of the external spend but used the data produced to make a material difference to the reduction of that spend. This session will touch on e-billing and other technology commonly employed to control cost and deliver financial reporting to the in house team.
Practicing law is not just about client files and research, but also defining the value of your legal services. Too many lawyers let their businesses suffer, failing to understand the finances of their files. Learn how to measure your firm’s worth, so that your billing and accounts meet your needs and your client's expectations in this session on tracking legal account receivables.
Join Colin Cameron, CA, Founder of Profits for Partners, Management Consulting Inc. and Joshua Lenon, Clio's Lawyer in Residence as they discuss:
- How keeping your firm solvent is an ethical obligation
- What financial measurement tools law firms are using
- What key financial performance indicators are critical for
your practice
A presentation stemming from a CLE webinar by Todd C. Scott of Minnesota Lawyers Mutual Insurance Company, which provides fantastic tips to minimize the risk of law firm malpractice. See the last slide for the next CLE Webinar on June 16, 2015
A LexisNexis survey of legal departments found a renewed sense of optimism among U.S.-based corporate legal departments. More than 70% of survey respondents, which were mostly comprised of corporate attorneys, said this year has been better as compared to the previous year. The survey also found that corporate legal departments are planning to bring more work in-house, that compliance and operational efficiency are the top challenges, and expect legal budgets and staffing to remain flat.
Everyone loves profits. Everyone loves to talk about profits per partner. We will restrain ourselves and not talk about the value of profits per partner as a metric, as hard as it is. Instead, let’s focus on how people stare endlessly at the eye-popping numbers of the top reported firms. BTI's analysis of more than 330 law firms reveals the firms with best profits (reported or not) exhibit these key traits. To learn more, please visit www.bticonsulting.com/themadclientist
This is a short yet impactful piece based on three vignettes from attorenys that have started their own law firms. These address: 1) setting financial and personal goals for a law firm 2) when to hire staff and 3) setting policies and procedures.
A study of challenges and opportunities facing the business of small law firms in billing realization.
- More than 80% of small law firms surveyed say they experience past due client accounts at least some of the time. More than half (52.9%) say between 10% and 39% of their total client base is typically past due.
- A majority of law firms surveyed (71.2%) report providing discounts or writing off legal work even before invoicing clients. Interestingly, an analysis comparing law firms that “always” and “never” provide discounts appears to show a correlation to past due accounts: Those law firms that reported never providing discounts on legal fees also reported substantially lower percentages of clients who allowed legal invoices to become past due.
You can only manage what you can measure. How does the in house team have visibility, certainty and control over legal costs particularly in global decentralised business? The session will share models, ideas, solutions and case studies of examples of businesses who have, through technology, process and discipline, not only wrestled control of the external spend but used the data produced to make a material difference to the reduction of that spend. This session will touch on e-billing and other technology commonly employed to control cost and deliver financial reporting to the in house team.
You already know how important it is to your clients that you accept online payments. But are you getting the most from your payments provider?
Join two industry experts to go beyond the basics and learn how online payments can accelerate your law firm's growth.
In this webinar, you’ll learn:
Advanced Clio Payments features that provide an end-to-end invoicing and payments solution, without having to switch tools, powered by LawPay
Proven, data-driven ways to increase firm revenue
LawPay's advanced protection services for law firms
How online payments changed one law firm's fortunes completely
https://landing.clio.com/law-firm-payments-masterclass.html
earn how to better organize, access, and ultimately act on key insights that will shape the future of your firm.
Being data-driven is not about how much data you have: It's about your ability to get the information you need.
Between case files, contacts, documents, and billing records, law firms old and new are rarely in short supply of data. The question is, how can you make these growing stockpiles a source for reference and insight?
Join Joshua Lenon, Clio’s own Lawyer in Residence, as he examines how to best organize your law firm for data-driven success. In this 1-hour, CLE-eligible webinar, you’ll learn about:
- 4 business metrics you should be measuring
- Nationwide financial benchmarks for law firms to measure against
- Effective firm reporting strategies for getting actionable insights
Automate your law practice
According to the 2019 Legal Trends Report, the average lawyer spends only 2.5 hours on billable work per day. The other 5.5 hours tend to be spent on tasks like data entry, scheduling follow-up reminders, or organizing time entries at the end of the month.
The good news is: With the right tools, lawyers now have the power to automate tedious tasks.
Join Joshua Lenon, Clio’s Lawyer in Residence, to find out how you can leverage legal technology to improve efficiencies at your firm and add more billable hours to your timesheet.
In this CLE-eligible webinar, you’ll learn:
How to analyze the areas of your practice that can benefit from automation
How to create an automation plan for your practice
What legal technology tools can save you time and money, and help take the pain out of performing tedious administrative tasks
https://landing.clio.com/automation-to-increase-efficiency.html
Original air date: Dec. 20, 2017
Recording available at http://www.mhmcpa.com
A number of updates from the SEC and the Financial Accounting Standards Board (FASB) have had an effect on public company accounting and SEC reporting. The AICPA Conference on Current SEC and PCAOB Developments, held December 4-6 in Washington D.C., highlights some of the key topics that will have an impact on SEC registrants and other public business entities moving forward.
Members of our team who attended the conference will provide a debriefing on the key points, tips and other guidance shared at the conference.
David Woodnorth of ComplyWith was one of the keynote speakers at the Law Society’s ILANZ Mini Conference on ‘Managing Legal Risk' in Auckland and Wellington last week.He shared ‘new thinking about legal risk’ with over 130 in-house lawyers, providing insights and guidance on how to better manage and communicate about legal risk.
“Success should not be defined simply by ticking boxes and producing pro-forma reports, but rather by driving participation in legal risk at the operations level of a business."
How Machine Learning is changing the Capital Raising and M&A Landscape | Sam ...Ansarada
Success for a company today is grounded in knowing your organization inside and out, so you’re ready for change – not scrambling to respond to it. In an age where data is more valuable than oil, it’s crucial that you leverage what you’ve got. Ansarada’s Platform uses advanced tech to put your critical business information to work for you, so you can see exactly where you stand and know with certainty what your next move should be.
Successful business leaders and advisors are already using these technologies to end costly, wasteful legacy behaviours and get unprecedented insights. Moving to automated, streamlined processes lets them spend more time on what matters – driving business development and propelling growth.
If you enjoyed my presentation contact Ansarada to learn how to enable an always-on state of readiness for your business:
https://info.ansarada.com/know-your-business
Who doesn't need more more their CFO? Even the CEO sometimes does.
By communicating in simple business-driver terms you can get more from your CFO and even get your board to see the business value.
This study found that file sharing is increasingly important in law firm collaboration and while those firms are keenly aware of the consequences of IT security risks, unencrypted email – reinforced with a statement of confidentiality – remains the primary mechanism for sharing files.
Legal Entity Management is an area ripe for process enhancement as a means of ensuring accurate, timely compliance while controlling costs and mitigating risk.
Law firms are required to hold money in trust. This money is not their own, so they have a fiduciary responsibility to protect and account for it.
A lawyer’s responsibility to hold client funds separate from their own seems simple in principle, but with strict rules surrounding trust accounts, many lawyers run into challenges with maintaining them correctly. From documenting deposits and disbursements to handling varied payment methods by clients, trust accounting remains a compliance minefield for law firms.
Is your law firm at risk of committing trust account errors?
Learn how to avoid trust account mistakes while improving your firm’s billing process during Clio’s one-hour webinar. In this presentation you’ll learn:
The rules for managing trust accounts
Differences between general bookkeeping & legal accounting
How to reconcile trust accounts
How Clio’s newest trust accounting features can help
You already know how important it is to your clients that you accept online payments. But are you getting the most from your payments provider?
Join two industry experts to go beyond the basics and learn how online payments can accelerate your law firm's growth.
In this webinar, you’ll learn:
Advanced Clio Payments features that provide an end-to-end invoicing and payments solution, without having to switch tools, powered by LawPay
Proven, data-driven ways to increase firm revenue
LawPay's advanced protection services for law firms
How online payments changed one law firm's fortunes completely
https://landing.clio.com/law-firm-payments-masterclass.html
earn how to better organize, access, and ultimately act on key insights that will shape the future of your firm.
Being data-driven is not about how much data you have: It's about your ability to get the information you need.
Between case files, contacts, documents, and billing records, law firms old and new are rarely in short supply of data. The question is, how can you make these growing stockpiles a source for reference and insight?
Join Joshua Lenon, Clio’s own Lawyer in Residence, as he examines how to best organize your law firm for data-driven success. In this 1-hour, CLE-eligible webinar, you’ll learn about:
- 4 business metrics you should be measuring
- Nationwide financial benchmarks for law firms to measure against
- Effective firm reporting strategies for getting actionable insights
Automate your law practice
According to the 2019 Legal Trends Report, the average lawyer spends only 2.5 hours on billable work per day. The other 5.5 hours tend to be spent on tasks like data entry, scheduling follow-up reminders, or organizing time entries at the end of the month.
The good news is: With the right tools, lawyers now have the power to automate tedious tasks.
Join Joshua Lenon, Clio’s Lawyer in Residence, to find out how you can leverage legal technology to improve efficiencies at your firm and add more billable hours to your timesheet.
In this CLE-eligible webinar, you’ll learn:
How to analyze the areas of your practice that can benefit from automation
How to create an automation plan for your practice
What legal technology tools can save you time and money, and help take the pain out of performing tedious administrative tasks
https://landing.clio.com/automation-to-increase-efficiency.html
Original air date: Dec. 20, 2017
Recording available at http://www.mhmcpa.com
A number of updates from the SEC and the Financial Accounting Standards Board (FASB) have had an effect on public company accounting and SEC reporting. The AICPA Conference on Current SEC and PCAOB Developments, held December 4-6 in Washington D.C., highlights some of the key topics that will have an impact on SEC registrants and other public business entities moving forward.
Members of our team who attended the conference will provide a debriefing on the key points, tips and other guidance shared at the conference.
David Woodnorth of ComplyWith was one of the keynote speakers at the Law Society’s ILANZ Mini Conference on ‘Managing Legal Risk' in Auckland and Wellington last week.He shared ‘new thinking about legal risk’ with over 130 in-house lawyers, providing insights and guidance on how to better manage and communicate about legal risk.
“Success should not be defined simply by ticking boxes and producing pro-forma reports, but rather by driving participation in legal risk at the operations level of a business."
How Machine Learning is changing the Capital Raising and M&A Landscape | Sam ...Ansarada
Success for a company today is grounded in knowing your organization inside and out, so you’re ready for change – not scrambling to respond to it. In an age where data is more valuable than oil, it’s crucial that you leverage what you’ve got. Ansarada’s Platform uses advanced tech to put your critical business information to work for you, so you can see exactly where you stand and know with certainty what your next move should be.
Successful business leaders and advisors are already using these technologies to end costly, wasteful legacy behaviours and get unprecedented insights. Moving to automated, streamlined processes lets them spend more time on what matters – driving business development and propelling growth.
If you enjoyed my presentation contact Ansarada to learn how to enable an always-on state of readiness for your business:
https://info.ansarada.com/know-your-business
Who doesn't need more more their CFO? Even the CEO sometimes does.
By communicating in simple business-driver terms you can get more from your CFO and even get your board to see the business value.
This study found that file sharing is increasingly important in law firm collaboration and while those firms are keenly aware of the consequences of IT security risks, unencrypted email – reinforced with a statement of confidentiality – remains the primary mechanism for sharing files.
Legal Entity Management is an area ripe for process enhancement as a means of ensuring accurate, timely compliance while controlling costs and mitigating risk.
Law firms are required to hold money in trust. This money is not their own, so they have a fiduciary responsibility to protect and account for it.
A lawyer’s responsibility to hold client funds separate from their own seems simple in principle, but with strict rules surrounding trust accounts, many lawyers run into challenges with maintaining them correctly. From documenting deposits and disbursements to handling varied payment methods by clients, trust accounting remains a compliance minefield for law firms.
Is your law firm at risk of committing trust account errors?
Learn how to avoid trust account mistakes while improving your firm’s billing process during Clio’s one-hour webinar. In this presentation you’ll learn:
The rules for managing trust accounts
Differences between general bookkeeping & legal accounting
How to reconcile trust accounts
How Clio’s newest trust accounting features can help
LPO- all in one legitimate service ProvidersDeepika Ojha
LPO-Legal process outsourcing provides legal support services from an outside law firm. LPO provides all in one legitimate service solutions.LPO-Legal process outsourcing, methods of LPO, Top drivers of LPO, LPO destinations, LPO in India,
LPO –Companies, LPO Services, LPO Case study ,Contract Drafting , Document Review , Litigation Support services , Paralegal Support Services , Intellectual property Services , Patent drafting ,Legal invoices ,ethical solutions , legal outside law firms providers.nearshore , offshore and onshore legal services.
Eversheds SHINE Webinars - Multi jurisdictional compliance 23rd October 2014Eversheds Sutherland
New regulation is produced faster than most in house teams can keep up with it, businesses are expanding into new markets exposing them to novel and often extensive compliance obligations. How do you identify compliance obligations, then manage and monitor compliance effectively? What tools and systems can you deploy to avoid time consuming and reputation damaging breaches. This session will share case studies and examples of systems, approaches, policies, communication methods and tools used in practice to ensure cost effective risk management.
Steps On How to Start a Staffing Agency with No Money?Macrochallenges
Staffing agencies are responsible for helping organization recruit staff to fill vacant position in their organization and also help applicants / those in between jobs secure employment; offer a wide range of recruitment -related services, largely temporary and contract staffing. They also recruit employees for permanent placements. Some staffing agencies offer services beyond just recruiting employees for its clients, but also help in training and preparing the employees to fit into the role that they are being recruited for. Usually such staffing agencies charge more than those who just recruit employees for their clients. There are some steps on how to start a staffing agency with no money.
Pay Now or Pay Later: The Case for Investing in Contractor Qualification & Ma...browzcompliance
Though it might seem cost-effective in the beginning, hiring the wrong contractors could turn out to be extremely expensive in the long run.
Without proper screening of contractors, you could be hiring unqualified, uninsured, and unsafe workers. This may lead to an accident occurring at the worksite which could lead to a string of problems and uncertain legal and economic consequences.
This insightful presentation provides insights into:
- Assessing the economic value of contractor qualification and management solution
- Business conditions that make contractor qualification an imperative for many businesses, including the expected costs associated
- Potential direct and indirect costs of “doing nothing”
- How to outsource contractor qualification to a vendor
Though it might seem cost-effective in the beginning, hiring the wrong contractors could turn out to be extremely expensive in the long run. Without proper screening of contractors, you could be hiring unqualified, uninsured, and unsafe workers. This may lead to an accident occurring at the work site which could lead to a string of problems and uncertain legal and economic consequences.
Presentation highlights:
- Assessing the economic value of contractor qualification and management solution
- Business conditions that make contractor qualification an imperative for many businesses, including the expected costs associated
- Potential direct and indirect costs of “doing nothing”
- How to outsource contractor qualification to a vendor
Things Law Firms Should Consider Before Choosing Legal Research Service ProviderCogneesol
Proper legal research is critical to the success of legal cases. There are few things a law firm should keep in mind while searching for a legal research service provider.
How technology can help you compete with Big Law
Mid-sized law firms have a natural competitive advantage in the legal marketplace. With less bureaucracy and overhead, they're often better posed for more nimble, personable—and more value-focused—service.
But it takes a lot to compete with established names in the Big Law apparatus. This is where a lean, efficient tech stack can be a difference-maker.
Join Joshua Lenon, Clio’s Lawyer in Residence, and Jaime Langton, Attorney at Gonzales, Gonzales & Gonzales, as they explore the latest research on how mid-sized law firms have found their competitive edge.
In this free, 1-hour webinar, you’ll learn about:
4 unique business dimensions applicable to mid-sized law firms
Popular tools used to differentiate client service
How to choose technology best suited for your firm’s next growth stage
Most law firm marketing and business development professionals believe law firm growth prospects are more promising this year than last, although competition is the top barrier to growth, according to a new survey. The study was published by LexisNexis provides peer perspective on the state of legal marketing – and more importantly benchmarks for improving overall business development strategy. Key statistics and trends on how law firms are tackling evolving challenges stemming from the survey include: More than half of those surveyed (57%) are sanguine about law firm growth this year, while about one-third expect growth to remain flat. Just 5% expressed pessimism; Competition was the single largest challenge to law firm growth according to 52% of respondents; Upwards of 90% believe there is a fairly clear distinction between “law firm marketing” and “law firm business development.”
This presentation stems from a CLE webinar on organizing, analyzing and presenting the key pieces of electronically stored information. How can you pull it all together—without pulling out your hair? Get tips, techniques and best practices at this information-packed and practical Webinar presented by three specialists in case analysis techniques and litigation technology.
Did you know? The litigation software tools and business of law software tools have been combined into a single software division headquartered in our new Software Center of Excellence in Raleigh, NC. These slides were part of the presentation by the top LexisNexis software executive, Michael Lipps, at ILTA 2014. In it he maps what LexisNexis sees as top 5 technology trends in the legal community against a number of product updates in the software portfolio.
Ready to send the world’s mostexpensive email? Avoid a million-dollar mistake by understanding the rules of CASL with this overview of Canada's version of the CAN SPAM Act. Designed for law firm marketing, this presentation is geared to law firm business development, marketing and CRM specialists.
The “management of documents” has been a mainstay of lawyering since its inception. The creation, interpretation, preservation, and destruction of documents have long been the purview of attorneys. While the most important of these have been recorded with the Courts, others, including wills, contracts, indentures, instruments, and evidence have long been safeguarded … more or less effectively, by we, the legal profession.
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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LexisNexis Moneyball for Lawyers
1. Moneyball for Lawyers:
How to Build a Major-League Law Practice
Presented April 23, 2013
Christopher T. Anderson, J.D.
LexisNexis Firm Manager® Product Manager
Dad & Pilot
2. 1
Christopher T. Anderson
Christopher Anderson, J.D.
Product Manager for LexisNexis Firm Manager®, LexisNexis
•Mr. Anderson is the Product Manager for the LexisNexis Firm
Manager application in Cary North Carolina.
•Firm Manager is a web-based practice management system
that keeps the attorneys and staff of small law firms
connected to all the details of their clients, cases, matters and
firm business.
•Christopher has presented at various State Bar associations,
Law Bulletin Ethics Conference, National CLE conference, ABA
TECHSHOW, and draws several hundred to webinars where he
presents various topics, including running a law firm;
effectively using technology and leveraging staff; and
technology and trends.
Formerly:
•Managing partner of a full-service law firm in Georgia.
•Assistant district attorney in New York City, and in Georgia
•Associate General Counsel and Director of Client Services for
RealLegal, a legal software company.
Mr. Anderson is a graduate of Cornell University, and received
his Juris Doctorate from the University Georgia School of Law
in 1994. Christopher Anderson is admitted to practice in the
federal and state courts of New York and Georgia.
3. 2
Moneyball – The Movie
Inspiration – the movie, Moneyball
In 2001 Oakland A’s $40M vs. $115M, limited budget
compared to other ball clubs
Billy Bean (Brad Pitt) was a baseball player that
turned General Manager
Braintrust – Statistics – Reinvents the Game
4. 3
Agenda
Six Numbers Law Firm Stakeholders Should Know
Investing time in your law firm
Law practice vs. Law firm business
Developing a roadmap
Evaluating Clients
Working within your budget constraints
5. 4
Why You Should Care
Source: Altman Weil 2012 Law Firms In Transition
Permanent Change 2009 2012
More Price Competition 42.4% 91.6%
More commoditized legal work 25.5% 83.6%
More non-hourly billing 27.9% 80.0%
Fewer equity lawyers 22.8% 67.6%
More contract lawyers 28.3% 66.2%
Lower PPP/Slowdown in PPP 13.2% 47.7%
6. 5
Metrics Law Firms Should Measure
What is your law firm's overhead?
How do you determine what it is?
• Overhead analysis (1) fixed and (2)
incremental)
• Infrastructure cost (What it takes to stay in
business – fixed costs)
• Cost per client acquisition (CPA -
incremental cost to bring in a client)
What does it cost you to service the client?
• Salary Costs
• Direct Costs
Cost Of Servicing A Client
7. 6
Metrics Law Firms Should Measure
Profitability sliced and diced
By Firm
By
Practice
Area
By
Partner
By
Client
By
Billing
Staff
8. 7
Metrics Law Firms Should Measure
According to a LexisNexis market research
conducted with law firms with 1 – 100 attorneys in
May 2011
» Most Solos and Duos limit their marketing to
personal networking and through their
website. Larger firms also leverage email lists
and directories.
ALM Legal Intelligence and The National Law
Journal 2012 Survey of Law Firm Economics
shows:
» Only 3% of law firm revenue is spent on
marketing
Client development / marketing % of total revenue
9. 8
Metrics Law Firms Should Measure
Technology Spend as a % of Total Revenues
• ABA Technology Basic Trends Report shows
law firms have increased their technology
budget year over year with a 5% increase from
2011 to 2012
• On average 58.7% of law firms overall have a
budget
~ 2-4% spent on technology
as a % of firm revenues
• The average capital budget per lawyer “sweet
spot” was a range between $8K – 17K
10. 9
Metrics Law Firms Should Measure
1. how much you work vs. bill
2. how much you discount/write-down (before
you bill
3. how much you write-off (after you bill)
4. how much you collect
5. life-cycle of AR (time of service to payment)
Realization
PROCESS IS A FORM OF
TECHNOLOGY
Not Rocket science
all in your control
12. 11
Metrics Law Firms Should Measure
In order to measure against a
benchmark, you must have a baseline
• Develop a budget that includes all
cash inflows and outflows
• Determine Partner Net Income
(compensation, fringe-benefit costs,
retirement plan contributions)
Industry Benchmarks
So What is a Good Benchmark?
13. 12
Benchmarks
SOURCE; Managing Partner Forum – 2012 Law Firm Economic Survey
http://www.managingpartnerforum.org/tasks/sites/mpf/assets/image/MPF%20-%202012%20Survey%20of%20LF%20Economics%20-
%20Exec%20Summary%20-%209-20-12.pdf
Joint ALM Legal Intelligence & The National Law Journal
Survey of Law Firm Economics 2012
• For law firms with 1 to 75 attorneys:
• The average total expense as a % of revenue is: 55%
• The average income per lawyer as a % of revenue is: 45%
• 66% of law firm expenses are from salaried lawyers, paralegals
and staff (36% lawyers, 30% staff & paralegals)
• 10% of law firm expense is for occupancy costs
• 4% for equipment (?Technology?)
• 34% of law firms said 10% of billings come from AFAs
14. 13
Investing Time In Your Law Firm
Do you know how you spend your time that you are not
billing?
Are you investing your time wisely on your business?
Investment in the Business
15. 14
Developing A Roadmap
•What project to tackle first?
•Calculating an estimated ROI
•Use a rating system to help prioritize projects
Getting Started
16. 15
Hierarchy of Tasks
Your Goal: Move up the Ladder
• Marketing/
Client Development
• Client Relationships
• Strategic Planning
• Strategic Management
• High level legal skills
• Middle level legal skills
• Client service
• Technical legal skills
• Systems documentation
• Office Management
• Mail and email
• Attorney Desk and Office
Organization
• Telephone answering
• Supplies
• Clerical
• Bookkeeping
21. 20
Q & A
Conclusion – Question & Answer Period
Moneyball for Lawyers:
How to Build a Major-League Law Practice
Christopher T. Anderson, J.D.
Christopher.T.Anderson@lexisnexis.com
Sponsored by: LexisNexis Practice Management
Visit us at: http://www.lexisnexis.com/law-firm-practice-
management/
How many of you watched the movie Moneyball, starring Brad Pitt and Jonah Hill? For those of you who have not seen it, the movie was released in September 2011 and was focused on baseball, more specifically, about the Oakland A’s.What made the Oakland A’s ball club interesting, especially as it pertains to a law practice was, a law firm is managed by a lawyer, the ball club was being run by a ball player. Billy Bean, the General Manager was a baseball player before becoming a general manager and was able to relate to the players.The Oakland A’s ball club had $40M a year vs. the average of other balls clubs of $115M. This was a challenge when three of the Oakland A’s best players contracts were up for grabs at the end of the 2001 ball season. After a very disappointing season in 2001, Billy Bean had to make some changes. He began rebuilding the team after trading three of his best players on the team. He hired a young Yale graduate who looked at the players based on factual numbers, performance, vs. superficial traits, i.e. he has a great swing, a good look, a strong jaw, etc. etc. His non-conventional way of building a team, vs. listening to scouts, was the ticket. In the end, the new team went from one of the worst baseball teams to a winning major league ball team. What does this movie have to do with law firms? As lawyers, we were trained to discover information about prospective clients, to find the facts, yet we often don’t do this for our own law firm. How many of you know what the cost is to service your clients?How about what your law firm fixed costs are?
More than 90% of the firms that responded to the Altman Weil Law Firms in Transition survey believe the recession served as a permanent accelerator of trends that already existed or are game changers. If you are waiting for things to go back the way they were, they aren’t going to! Dustin Cole quote. The survey was conducted in March – April 2012 with 792 firm participating. Since the recession in 2009, lawyers who responded to the Altman Weil law firm’s
Understanding your law firm financial health is more than knowing what your share of the profit is. The first metric you should measure is the cost of servicing a client. Let’s start with identifying your law firm’s overhead and how you determine what it is. In general terms, when you determine your overhead, you first want to break out what it takes to stay in business, these costs are often referred to as fixed costs. These are things like rent, leases, systems, utilities, etc. And the cost of acquiring a new client is determined by calculating the incremental cost i.e. specific business development costs, additional
Profitability sliced and dicedEach of these slices tells us a piece of information that helps to make data driven decisionsBy firm -
According to a LexisNexis market research conducted with law firms with 1 – 100 attorneys in May 2011, Most Solos and Duos limit their marketing to personal networking and through their website. Larger firms also leverage email lists and directories.
Although 58.7% of law firms overall who responded to the 2012 ABA Legal technology survey, about 40% of the solo to 9 attorney firms on average had a budget while once you get to 10 or more attorneys, 79% of the law firms have a budgetThe good news is overall, the technology budgets appear to be increasing year over year.According to the 2011 ILTA technology purchasing survey, 57% of law firms that responded spend about 2-4% of total firm revenues on technology
This is not rocket science, and most billing systems provide standard reports that give you these numbers. If not, these can be obtained manually but it is a very labor intensive process and probably has risk of error since it is being pulled manually. This gets more interesting when automated because you can quickly run these reports for the firm but also by responsible lawyer, partner, etc. to see where there is room for opportunity (improvement)The big take-a-way here is that YOU CONTROL THESE NUMBERS. This is totally something that can be mitigated by implementing processes after getting buy in from each stakeholder.
Must develop a baseline to measure your law firm against industry standards, there are several items that are required as part of this processBudget (2) The best way to develop a budget if you don’t have one, is to take your last year’s actual cash inflows and outflows. Notice, I didn’t say revenue and expenses. The reason for being more specific to inflows and outflows is because the money received in by a law firm includes more than income and some outflows include more than costs that pertain to the law firm. Two examples are (1) purchases for assets and payments for client advances.Another industry benchmark most stakeholders care about is net income per partner. According to an article called Industry benchmarks, written by Peter Roberts, a PMA with the Washington State Bar Association, he describes a partner’s net income has three components: (1) compensation (2) fringe-benefit costs (3) retirement plan contributions. I’m sure this last component is a line item that Sources to reference related to Industry Benchmarks:http://www.wsba.org/Resources-and-Services/LOMAP/~/media/Files/Resources_Services/LOMAP/Financial%20Benchmarks%20for%20Your%20Firm.ashx
SOURCES:Robert Half Legal – Annual Salary Guid: http://legal.rhi.mediaroom.com/2012-10-30-ROBERT-HALF-LEGAL-RELEASES-ANNUAL-SALARY-GUIDE-Starting-Salaries-for-Legal-Professionals-Projected-to-Rise-3.0-Percent-in-2013 Altman Weil 2008 Economic Law Firm Survey - http://www.altmanweil.com/dir_docs/resource/41ff6ad2-da67-406e-9999-ca2aaae63539_document.pdf Managing Partner Forum – 2012 Law Firm Economic Survey http://www.managingpartnerforum.org/tasks/sites/mpf/assets/image/MPF%20-%202012%20Survey%20of%20LF%20Economics%20-%20Exec%20Summary%20-%209-20-12.pdf
Chris – I was thinking for this slide you have a discussion similar to what we did at the How To Manage Your Small Law Firm (feel free to reference it), specifically, how you and Rjon discussed how owners spend their time, what they ought not do.Clip here is on sending your kid to school. Do you believe?
What project to tackle first?- Things to Consider: > Biggest pain point? > Biggest return on investment? > Effort (amount of time) > Achievability (success rate for change)Calculating an estimated ROI > Return can be defined as time savings, better use of human resources, additional revenue potentialUse a rating system to help prioritize projects
Ruby Receptionists
Chris Anderson “Nothing increased the profitability of my firm more than firing clients” 80/20 rule, 20% of clients bring in 80% of revenue and the bottom 20% of clients take up 80% of the time. Clip here is about firing people. “Would you rather get shot in the head, or stabbed and bleed to death?”
Chris Anderson “Nothing increased the profitability of my firm more than firing clients” 80/20 rule, 20% of clients bring in 80% of revenue and the bottom 20% of clients take up 80% of the time.
Behavioral change and processes can be accomplished with an investment in time and not a lot of money
Behavioral change and processes can be accomplished with an investment in time and not a lot of money