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.
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.
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.
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.
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
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.
2013 Chief Legal Officer Survey
For the fourteenth year in a row, Altman Weil, Inc. has surveyed Chief Legal Officers (CLOs) on issues of importance in managing their corporate law departments. The purpose of these surveys is to capture current thinking of Chief Legal Officers and share the results with the legal profession, enabling both corporate law departments and law firms to benefit from the surveys
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
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
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.
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.
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.
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
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.
2013 Chief Legal Officer Survey
For the fourteenth year in a row, Altman Weil, Inc. has surveyed Chief Legal Officers (CLOs) on issues of importance in managing their corporate law departments. The purpose of these surveys is to capture current thinking of Chief Legal Officers and share the results with the legal profession, enabling both corporate law departments and law firms to benefit from the surveys
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
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
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
Modernizing compliance: Moving from value protection to value creationDeloitte United States
More than 580 professionals in compliance (21.4 percent), internal audit (35.6 percent), risk management (17.7 percent), C-suite roles outside of compliance (22.6 percent) and corporate board members (2.7 percent) participated in a Deloitte Dbriefs webcast, titled “Modernizing compliance: Moving from value protection to value creation,” on March 30, 2017. Poll respondents largely work in the financial services (45.7 percent) and consumer and industrial products (23.2 percent) industries. https://www2.deloitte.com/us/en/pages/dbriefs-webcasts/events/march/2017/dbriefs-modernizing-compliance-moving-from-value-protection-to-value-creation.html
Imagine … internal auditors identifying risks + opportunities from data. Internal auditors can + need to grasp this opportunity to transform their role and industry. More >> grantthornton.com/data-analytics
After the acquisition: 5 steps to manage the tax processGrant Thornton LLP
A detailed plan is critical to accomplishing all the tax-related tasks that need to occur in the months after an M&A transaction closes. Your 100-day plan for managing the tax process should include five key steps.
The 2015 survey uncovers the latest issues organizations are facing as they respond to risks, assess the effectiveness of their risk mitigation activities and gain a deeper understanding of what they are doing to address cybersecurity.
Since 2013, pass-through owners have faced a potentially higher tax rate (39.6%) on their business income than their C corporation competitors (35%). This rate disparity puts them at a competitive disadvantage and hinders growth. http://gt-us.co/1SPWvqZ Learn more about how a business equivalency rate ensures all businesses are taxed equally.
The need for speed in financial governance: Mitigating the risks of misstatem...Deloitte United States
Despite more than one half (59.1%) of public company C-suite and other executives saying their organizations significantly revised or remediated financial processes during the past 12 months, nearly as many (51.6%) expect to do so again in next 12 months, according to a new Deloitte poll.
Written for procurement professionals and individuals who are not intimately acquainted with the legal profession or to whom legal procurement is an entirely new concept.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
For the past seven years, the Global Chief Procurement Officer Survey has provided a global benchmark of the sentiment or procurement leaders and an insight into the key themes and challenges facing procurement, including market dynamics, value and collaboration, talent and leadership, and digital procurement. For more, visit http://deloi.tt/2Hce9V1.
Your firm isn’t a traditional one. Why are you measuring its success like it is?
Learn how to build a successful business model in this free Clio webinar.
When thinking about KPIs (key performance indicators), many lawyers think that simply looking at revenues is enough to keep track of how well their practices are doing. In this webinar, you’ll learn more about realization rate, profit per partner—and why these traditional metrics don’t necessarily work anymore for today’s small and solo firms.
Join Clio’s own George Psiharis and Joshua Lenon as we show you the measures that are relevant to today’s firms—and the importance of return on investment (ROI) in every legal practice.
In this webinar, we’ll cover:
- Basic law firm KPIs your firm should be measuring (including utilization rate, realization rate and collection rate)
- How to shift your KPI focus from the billable hour to the client
- How to measure your firm’s success like a startup
- Find out how to maximize your ROI by thinking like an entrepreneur and building a successful business model for your firm!
Law firms can grow in a variety of methods. Law firms can increase caseloads, employees, or efficiency. The best strategies encompass all three. Join this online seminar and learn how to increase growth in all of these specific areas.
This webinar covers:
- Best practices for marketing a law firm to a tailored audience
- Strategies for adding employees on a per-needed basis
- Solutions and tools that increase law firm efficiency & productivity
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
Modernizing compliance: Moving from value protection to value creationDeloitte United States
More than 580 professionals in compliance (21.4 percent), internal audit (35.6 percent), risk management (17.7 percent), C-suite roles outside of compliance (22.6 percent) and corporate board members (2.7 percent) participated in a Deloitte Dbriefs webcast, titled “Modernizing compliance: Moving from value protection to value creation,” on March 30, 2017. Poll respondents largely work in the financial services (45.7 percent) and consumer and industrial products (23.2 percent) industries. https://www2.deloitte.com/us/en/pages/dbriefs-webcasts/events/march/2017/dbriefs-modernizing-compliance-moving-from-value-protection-to-value-creation.html
Imagine … internal auditors identifying risks + opportunities from data. Internal auditors can + need to grasp this opportunity to transform their role and industry. More >> grantthornton.com/data-analytics
After the acquisition: 5 steps to manage the tax processGrant Thornton LLP
A detailed plan is critical to accomplishing all the tax-related tasks that need to occur in the months after an M&A transaction closes. Your 100-day plan for managing the tax process should include five key steps.
The 2015 survey uncovers the latest issues organizations are facing as they respond to risks, assess the effectiveness of their risk mitigation activities and gain a deeper understanding of what they are doing to address cybersecurity.
Since 2013, pass-through owners have faced a potentially higher tax rate (39.6%) on their business income than their C corporation competitors (35%). This rate disparity puts them at a competitive disadvantage and hinders growth. http://gt-us.co/1SPWvqZ Learn more about how a business equivalency rate ensures all businesses are taxed equally.
The need for speed in financial governance: Mitigating the risks of misstatem...Deloitte United States
Despite more than one half (59.1%) of public company C-suite and other executives saying their organizations significantly revised or remediated financial processes during the past 12 months, nearly as many (51.6%) expect to do so again in next 12 months, according to a new Deloitte poll.
Written for procurement professionals and individuals who are not intimately acquainted with the legal profession or to whom legal procurement is an entirely new concept.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
For the past seven years, the Global Chief Procurement Officer Survey has provided a global benchmark of the sentiment or procurement leaders and an insight into the key themes and challenges facing procurement, including market dynamics, value and collaboration, talent and leadership, and digital procurement. For more, visit http://deloi.tt/2Hce9V1.
Your firm isn’t a traditional one. Why are you measuring its success like it is?
Learn how to build a successful business model in this free Clio webinar.
When thinking about KPIs (key performance indicators), many lawyers think that simply looking at revenues is enough to keep track of how well their practices are doing. In this webinar, you’ll learn more about realization rate, profit per partner—and why these traditional metrics don’t necessarily work anymore for today’s small and solo firms.
Join Clio’s own George Psiharis and Joshua Lenon as we show you the measures that are relevant to today’s firms—and the importance of return on investment (ROI) in every legal practice.
In this webinar, we’ll cover:
- Basic law firm KPIs your firm should be measuring (including utilization rate, realization rate and collection rate)
- How to shift your KPI focus from the billable hour to the client
- How to measure your firm’s success like a startup
- Find out how to maximize your ROI by thinking like an entrepreneur and building a successful business model for your firm!
Law firms can grow in a variety of methods. Law firms can increase caseloads, employees, or efficiency. The best strategies encompass all three. Join this online seminar and learn how to increase growth in all of these specific areas.
This webinar covers:
- Best practices for marketing a law firm to a tailored audience
- Strategies for adding employees on a per-needed basis
- Solutions and tools that increase law firm efficiency & productivity
Lawyers can successfully adapt to the disruption of the Information Age just like we adapted to the legal challenges of the industrial era -- build a system for building the type of legal human capital that is in short supply. This was original logic of the Cravath System, which created specialized business lawyers in an environment where they were scarce. This Clockworks approach still works, but the specifications of the system need to be updated. I offer a prototype of what we might include in a 21st century Clockworks approach to lawyer development.
Presented at the "Innovations in the Law: Science and Technology" Conference, Oregon District of the Federal Bar Association (Sept 20, 2013)
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
How is it possible, that for so many small law firms, the basic task of billing clients feels like a trying to wade through a patch of quicksand?
Part of the problem has to do with the intricacies and compliance requirements that go into legal billing. But that doesn’t begin to cover the challenges. You need a billing setup that controls leakage, creates good cash flow, and maintains good client relationships. To avoid getting bogged down, you need the right approach and the right tools — shoe boxes of sticky notes will only make you sink deeper.
Make sure your billing practices are up to the needs of a successful law practice. Join us for an interactive session on Avoiding Common Billing Pitfalls.
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.”
The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms -- Prof...Daniel Katz
The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms -- Professors Daniel Martin Katz & Michael J. Bommarito - Illinois Tech Law / Univ of Michigan CSCS (Updated Version)
Secrets to Finding and Retaining Clients
78 percent of lawyers say their greatest challenge is acquiring new clients.
Is your law firm’s business development lacking? Whether too focused on looming deadlines or uncertain of the best development approach for their area of law, many law firms do not focus enough energy on building profitable business relationships. This leaves many law firms scrambling for business when they have no work, and leaving money on the table when they are overwhelmed.
An effective business development strategy can provide a consistent client work pipeline throughout the year.
Join Joshua Lenon, Clio’s lawyer in residence, as he explores the best practices for law firm business development. In this one-hour presentation, you’ll learn:
- Which activities drive client relationships
- How to track your business development efforts
- How to calculate return on investment for paid marketing
- Why focusing solely on new clients may be hurting your law firm’s bottom line
Property & Casualty: Deterring Claims Leakage in the Digital AgeCognizant
For property and casualty insurers, the persistent and vexing problem of claims leakage can be effectively curtailed by applying digital technology with cutting-edge clarity.
As physicians struggle with the need for medical billing reports, a small PPT on what medical billing reports every practice must pull up, in order to fix revenue leaks.
Get the insights you need to elevate your legal practice.
The annual Legal Trends Report sheds light on the most important issues faced within the legal profession. This year’s report features a multi-year analysis of 2,000 law firms’ revenue growth, as well as a survey of 2,000 legal consumers, and a test of 1,000 law firms’ responses to client inquiries. Informed with this research, the report examines:
What differentiates growing law firms from stagnating practices.
What potential clients want when they look for a lawyer.
How today’s law firms fare at interacting with potential clients—and where they can improve.
In this 60 minute webinar, join George Psiharis, Clio’s Chief Operating Officer, and Joshua Lenon, Clio’s Lawyer in Residence, as they explore the 2019 Legal Trends Report in detail to identify the report’s most important findings and contextualize what the data means for legal professionals and firms.
By watching this Legal Trends Report webinar, you will learn:
The biggest takeaways from Clio’s research into 2019 legal trends.
Our top recommended actions for legal professionals based on the report.
Additional insights on how to take a more data-driven approach at your firm.
https://landing.clio.com/2019-Legal-Trends-Report.html
Strategies for Proposing Law Frm Rate Increases Richard Brzakala
This article examines various strategies that a law firm can utilize when approaching corporate clients for rate increases, including how to manage client rate freezes and refusals for rate increases.
Discus the development of the fraud examinerforensic accounting pro.pdfMALASADHNANI
Discus the development of the fraud examiner/forensic accounting profession since the 2001
Enron fraud. Discuss applicable standards and the core foundation of the profession.
Solution
Forensic accounting has been pivotal in the corporate agenda after the financial reporting
problems which took place in some companies around the world like Enron. These scandals
resulted in the loss of public trust and huge amounts of money. In order to avoid fraud and theft,
and to restore the badly needed public confidence, several companies took the step to improve
the infrastructure of their internal control and accounting systems drastically. It was this
development which increased the importance of accountants who have chosen to specialize in
forensic accounting and who are consequently referred as “forensic accountants.”
Forensic accounting relies on the fraud triangle to identify weak points in the business systems
and find possible suspects in cases of fraud. It consists of three core concepts which together
create a situation ripe for fraud: incentive, opportunity, and rationalization. People must have the
incentive and opportunity to commit financial fraud, as well as the ability to justify it. Recent
analysis has suggested adding a fourth concept to make a diamond—capability. Just because
someone has the opportunity or incentive to steal does not necessarily mean that they have the
capability to do so. For example, if someone does not understand how to make journal or ledger
entries in the books of accounts, they would not know how to manipulate numbers no matter
what the incentive or opportunity is.
The accounting scandals involving Enron, WorldCom, Global Crossing, and other companies
have put accountants in the public spotlight as never before in their history. After these
accounting scandals, public confidence in the accounting profession has been seriously
undermined. However, the scandals have created business for forensic accountants and
developed opportunities for forensic and investigative accounting. Forensic accountants have
been conducting these activities for quite some time in a quiet professional manner. New laws
and regulations resulting from these scandals will make the role of forensic accountants more
important than ever before in the business world.
Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to
give expert evidence at the eventual trial. All of the larger accounting firms as well as many
medium-sized and boutique firms have specialist forensic accounting departments. Forensic
accountants utilize an understanding of business information and financial reporting systems,
accounting and auditing standards and procedures, evidence gathering and investigative
techniques, and litigation processes and procedures to perform their work. Forensic accountants
are also increasingly playing more proactive risk reduction roles by designing and performing
extended procedures as part of stat.
Bill paying habits among accounting and accounts payable professionals are far more advanced at home, where they use a number of electronic payment methods, than at work, where they overwhelmingly rely on paper checks.
Discussion of strategies for increasing profits without focusing on expense reduction but instead on areas with leverage like claims. Specific examples for gaining an edge are discussed.
Zola Suite - Minimizing Write-Offs and Maximizing ProfitsDonnamarieStriano
Giving timekeepers better tools to record and track time, setting expectations, and managing the billing process and receivables will all contribute to increased revenue for the law firm.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[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
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
"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
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Past Due: The Discomfort of Collections in Law Firm Billing
1. Past Due: The Discomfort of Collections in Law Firm Billing
A study of challenges and opportunities facing the business of small
law firms in billing realization.
2. 1
Executive Summary
Most small law firms wrestle with past due accounts. More than 73% of small law firms surveyed say they
experience past due client accounts at least some of the time. Nearly half say between 10% and 39% of their total
client base is typically past due.
Client financial hardship often the source, but so too are business processes. Small law firms overwhelmingly
(82.5%) cite client financial struggles as the principle reason clients allow law firm invoices to elapse past due.
However, there were notable indications to suggest client communication, value appraisal and sluggish law firm
business process are significant contributing factors. Nearly half, (45.6%) put the chances of collecting on invoices that
are outstanding for 90 days or longer at “unlikely” or “very unlikely.”
Write offs and billing discounts pervasive. 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.
Invoicing and billing takes eight hours per month. Most small law firms (61.5%) reported spending about eight
hours per month on their billing process. In addition, nearly a quarter said they spend up to 16 hours per month, which
provides a useful benchmark for about how much time small law firms should spend on billing. Interestingly, more than
half of law firms (58.3%) felt they were already spending too much time on the billing process.
Despite tools, small law avoids client analysis. More than 80% of small law firms report having a standardized
billing process and use technology to manage invoices. A majority of law firms (66.7%) also use software with
integrated invoicing and billing – tools that often come with reporting features for analyzing a client base – but do not
seem to be using those features to identify trends or distinguishing factors between clients that pay legal fees on time
and those that do not.
Sentiment: Lawyers dislike asking clients for money. Open-ended comments express the notion that lawyers
enjoy practicing law but find financial conversations uncomfortable. For example one lawyer at a small law firm cited
“the discomfort of past due billing discussions,” and that seeking payment for legal services rendered “makes me feel
greedy…even if I know I've earned the fees charged, it is still an unpleasant task.”
3. 2
Past due legal bills are a fact of the law business
Asking a client for money can be uncomfortable but the
data suggests following up is a routine part of the
business of law. More 73% of law firms survey say clients
accounts are past due at least some of the time.
For some law firms, the challenge is greater than others –
nearly one-fifth (19.4%) of law firms report clients are
past due “most of the time” or “always” which is an
astonishingly high figure. On the other end of the range,
26.8% report clients are “rarely” or never” late. Later in
this report we’ll explore why.
4. 3
How healthy is a law business with 20% of its invoices outstanding?
What percentage of a law firm’s client base is past due?
About half (46%) say its less than 10% however nearly
another half (44.9%) of law firms are managing client
accounts where between 10% and 39% are past due.
To place this into financial context, consider the cash-flow
impact on a law firm where 20% of its client accounts are
past due. For some law firms, the problem is even higher
as 9% of law firms reported 40% or more of their client
base is typically past due on legal fees.
5. 4
Client financial struggles or process improvement?
Overwhelmingly (82.5%) law firms point to client financial
struggles as the primary reason client legal bills become
past due, but there are indications several other factors
come into play. Law firms cited communication (21%),
value (21.4%) and law firm sluggishness in publishing
invoices in a timely matter (15.2%) as part of the problem.
Notably, twenty-two percent of respondents answered the
optional open-ended answer on this category and those
responses are shared on the next page.
6. 5
Past Due Clients: Law Firms in Their Own Words
The following is a representative sample of the 22
responses to the open-ended answer option on the
previous question.
* * *
“Attorneys have a problem asking for money after the
retainer and throughout the process of working,” wrote
one paralegal in the open-ended comments section of the
previous question.
However, this respondent also indicated a sense of
entitlement stemming from clients. “Clients have a view
that every attorney is rich…clients think ‘I paid enough.’”
“Forgetfulness” was another term that was frequently cited
in open-ended responses, as well as a client attitude that
might be well characterized as laissez faire in paying for
legal services rendered.
“Client doesn't prioritize legal bill as something to pay,”
wrote another respondent.
Law firms that perform legal services on behalf of other
business also cited corporate vendor payment processes
or policies. For example, “The client's bill approval
process is too complex and not efficient,” said one
respondent.
“Corporate clients whose internal bureaucracy slows
things down,” according to another.
Several respondents also pointed to poor law firm billing
processes. A representative (verbatim) sample of these
answers included:
Invoices not sent regularly.
Poor tracking of fees and services.
Bills sent too infrequently and often reflect larger than
expected invoice for client.
Inconsistent billing...too caught up in practicing law so I
don't do consistent billing.
Case is over and people choose not to pay.
The attorney did the work without taking a large enough
retainer up front.
Technical errors in bill format for complex billing
guidelines.
7. 6
The slim chance of past due collection
About half of small law firms (45.6%) put the chances of
collecting fees for invoices that 90 days or older at
“unlikely” or “very unlikely.” About one-third (35.3%) are
somewhat more optimistic – reporting it’s “somewhat”
likely they will be able to collect on past due invoices.
Finally, another fifth (19.1%) are quite optimistic putting
the odds of collecting a bill more than 90 days late at
“likely” or “very likely.”
8. 7
Client analysis and problem solving
Since realization is such an important part of business, we
wanted to understand what law firms were doing to
address the problem of collecting past due legal bills.
One technique is to analyze the client base to look for
trends among clients that are in good standing or to
identify underlying causes of clients that are routinely late.
Understanding the client base places a law firm in a better
position to pursue clients with tendencies to remain in
good standing. However, the majority of small law firms
(72.2%) are not performing this analysis and it may
represent an opportunity for small law firms to improve the
strength of their business and new business development
pipeline.
9. 8
Discounting invoices a common practice
A majority of law firms (71.2%) offer discounts or write off
work performed prior to invoicing clients. About fifteen
percent reported doing this often and more than half
(55.7%) reported doing this sometimes. About one-third
(28.8%) said they “rarely” or “never” discount work. Later
in this report, there’s an interesting twist when comparing
past due accounts among firms that “often” and “never”
provide discounts.
10. 9
Law firm discounts boils down to value
Rationales vary for discounting legal fees however there
were two answers that seem starkly at odds.
A majority of firms (70.2%) say they discount invoices for
relationship building purposes. On the other side, about
one-third (29.1%) say they write off work in an effort to
bring past due clients into good standing.
While both strategies are examples of relationship
building, one path is rewarding their ‘good’ clients while
the other is rewarding ‘bad’ clients.
11. 10
Discounts may play a role in timely payments
One of the most interesting findings from one cross-tab
analysis was the parallel between discounts and past due
clients. Those law firms that reported they never discount
legal fees also reported substantially lower percentages of
clients who allowed legal invoices to become past due.
While the bulk of respondents answering this survey
tended to fall somewhere in the middle (absolute numbers
are depicted on the Y axis), the stark contrast that results
from comparing opposite ends of the range was
compelling.
Percentage
of past due
clients
12. 11
How process-oriented are law firms?
Most small law firms (86.1%) say they have a standard
billing process, but just about half of those have put that
process in writing. Just 13.9% say they have no formal
processes to standardize billing practices.
For the independent or solo attorney, an undocumented
process may work just fine, but in working with law firms
we’ve found that problems begin to develop when a law
firm grows. A law firm that grows from one attorney to five
attorneys can easily find itself in a position where the
billing process is being performed five different ways.
13. 12
How much time do law firms spend on the billing process?
Most small law firms (61.5% ) spend about eight hours per
month on their billing process. About a quarter (24.3%)
say they can spend up to 16 hours per month.
For many, even just one or two days per month on the
billing process feels like too much time: More than half of
law firms (58.3%) felt they were already spending too
much time on the billing process.
This data point provides a useful benchmark for small law
firms – that one or two working days per month is about
what it takes for most law firms to complete their billing
process.
14. 13
Most small law firms are using billing software
The vast majority of small law firms – nearly 80% use a
software program to manage billing. A clear majority
(66.7%) also indicated their law firm uses legal specific
software and 64.6% said those programs included
integrated accounting and billing.
Often software designed for law firms includes reporting
features for performing financial analysis.
When law firms report, as they did on a previous question
in this survey, that they have not analyzed their client
base, they may have already purchased tools that
automatically provide such reports and glean insights from
them.
N = 246N = 309
15. 14
Final thoughts: Lawyers in their own words
The final question of the survey was an open ended
question that asked: What one aspect if billing the law firm
wished it could improve. The question earned 133 open
ended responses. The word cloud nearby provides an
analysis of the words most commonly used – where the
larger the word appears, the more frequently it was cited.
Here is a sample of verbatim responses which in many
ways effectively captures the sentiment around law firm
billing:
• Streamline it, make it faster, easier, more efficient while
maintaining high level of accuracy.
• The discomfort of past due billing discussions. Makes
me feel greedy to call a client about a past due bill or to
issue a written past due statement. Even if I know I've
earned the fees charged, it is still an unpleasant task.
• Someone else who will do the billing because it takes
all the fun out of practicing law to have to bill every
minute.
• At my firm, the attorneys have to make collection calls
to any clients that are late paying. I would prefer to
have a staff member take care of that. I find it
damaging to my relationship with my clients, and
distasteful.
• I would love not to have to bill clients at all.
• Streamlining the process so it doesn't take so many
steps, and so long to complete. For my solo firm I can
easily spend an entire business day billing clients.
• Discounting bill rather than being paid what I am worth
I'd make it easier for clients to pay me in ways that
were convenient for them. Maybe it's more convenient
for one client to pay me in small weekly installments,
while it's easier for another to pay me a flat fee at the
end of an engagement. I'd like to be able to be more
flexible and allow the best payment structure for the
client.
• Smart attorneys get the money up front. A wise mentor
once told me when I was an intern, once you do the
work the client is not going to pay. ‘If they can not pay
you when they need you the most, they are not going to
pay you when they no longer need you.’
16. 15
Are you peeking behind the curtain?
There’s nothing here!
Survey Methodology and Demographics
17. 16
Survey Demographics and Methodology
This study aimed to understand challenges and opportunities facing small law firms during the process of
billing and invoicing. The survey was conducted online from July 23, 2014 to August 1, 2014 and
distributed to the readership of a 3rd party media publication dedicated to helping lawyers build better
practices. Respondents were required to identify as a practicing attorney or a legal professional supporting
a U.S.-based law firm. Three hundred and nine (N=309) attorneys or legal professionals, from more than
16 practice areas, with broad representation from 47 different states and Washington, D.C., participated in
the survey. Respondents were provided an incentive – a chance to be entered in a random drawing for
one of 13 prizes – to complete the survey.
Demographics at-a-glance:
• Primarily respondents from small law. 95% of respondents reported working at firms with 10 or
fewer attorneys; 75% of respondents identified as working at firms with 1-2 attorneys.
• Most respondents identified as practicing attorneys. 89% of respondents identified as a practicing
attorney; paralegal (5%) and marketing or business development (1%) were the next largest
categories.
• Wide array of practice areas represented. A small plurality (17.5%) of respondents hailed from
family law practices; the top five areas represented included general law (12%), litigation (11%);
criminal defense (8%); and corporate and securities law (7%). Notably 12% chose other and a sample
of specialty areas listed included social security, tenant-landlord law and legal malpractice and ethics.
22. 21
Additional Resources
• The LexisNexis PCLaw Resources Page:
• Blog post: Discounting Legal Fees Sends the Wrong Message
• Blog post: Top 10 Law Firm Collections Challenges and How to Solve Them
• Blog post: Infographic Friday: Billing Rates Up 4%, But So Are Discounts
• Blog post: Six Business Metrics Every Law Firm Should Measure
• Blog post: Seven Tips for Improving Law Firm Billing Efficiency
• Blog post: 3 KPIs to Make a Law Firm More Profitable
• Blog post: Inefficiency: The Silent Law Firm Killer
• Podcast: Un-Billable Hour: Law Firms, Invoicing and Collections
• White paper: Seven Secrets for Climbing Out of the Underearning Rut
• White paper: Driving Profitability Forward
• White paper: A Practice Owner’s Hierarchy of Tasks
• Case study: “PCLaw saves us up to 60% of the time it used to take to get bills out each month.”
• Industry survey: LexisNexis® Law Firm Billable Hours Survey Report
• Infographic: Where Do the Billable Hours Go?
• Social Media:
• Blog: Business of Law Blog
• LinkedIn: LexisNexis PCLaw LinkedIn Group
• Twitter: @Business_of_Law
• Facebook: LexisNexis Business of Law
• Google+: +businessoflawblog