The Lawyer's Guide to Increasing Revenue: Unlocking the Profit Potential in Your Firm

Front Cover
American Bar Association, 2005 - Business & Economics - 156 pages
"Are you ready to look beyond cost-cutting and toward new revenue opportunities? Learn how you can achieve growth using the resources you already have at your firm. Discover the factors that affect your law firm's revenue production, how to evaluate them, and how to take specific action steps designed to increase your returns. You'll learn how to best improve performance and profitability in each of the key aspects of your law firm."--BOOK JACKET.
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Selected pages

Contents

Develop a Revenue Mindset
3
Why Cost Approaches Fail
4
Places to Look for Revenue
5
Other Ways to Improve Revenue
7
Examine the Financial Indicators
9
ProfitExpense Ratio
10
Revenue per Lawyer
11
Aged WorkinProcess
12
Become the GoTo Lawyer
78
Keeping Clients Thankful
79
Set Standards for Client Communications
80
Use the Billing Process to Communicate Value
82
Manage the Clients Expectation of Cost
84
Recovery Issues
86
Technology Finding the Profits
89
Make Sure the Firms Technology Is on Sound Footing
90

Collection Realization Rate
13
Aged Accounts Receivable
14
Billable Hours by Timekeeper
15
Cash
16
Establishing the Baseline
17
Find Maximum Capacity
19
Create a Scorecard
23
Billing Realization
24
Collection Realization
25
Learn the Secrets of Achieving Better Revenue
27
It All Starts at the Beginning
29
Client Intake
30
Find the Magic Payments by Return Mail
33
The Consumer Client
34
The Business Client
35
An Art Not a Science
36
Understanding TwentyFirst Century Leverage
37
Leveraging Expertise
38
Technology
39
Leveraging with Paralegals
40
Move into the TwentyFirst Century
41
Let Your Clients Do the Marketing
43
Protect Existing Client Relationships
44
Distinguish Your Firm from the Others
45
A StepbyStep Guide for Improving Revenue
47
Set in Place the Key Ingredients to Improved Revenue Flow The Client Intake Process
49
Get It Right at the Initial Client Meeting
51
Obtain a Fee Agreement and Fee Deposit
53
The Reality Check
55
Confirm Client Expectations
56
Offer ValueBased Fee Agreements
59
Know the Rules
60
Understand the Components to a Fair Fee
61
Contingency Method
62
Retainer Fee
63
Consider Variations of the Basic Methods
64
Hourly Rate with Minimum and Maximum Charge
65
The Defense Contingency
66
Combination Hourly Fee and Flat Fee
67
Find Opportunities to Move Away from Hourly Billing
68
Identify Small Projects That Can Be Handled for a Fixed Fee
69
So What About Hours and Rates?
71
Determine Appropriate Billable Hour Expectations
73
Adopt Clear Time Recording Policies
74
Evaluate the Secretarial Support Available to the Lawyers and Paralegals
75
Rates
76
Take a Look at the Firms Document Production Practices
91
Find Places to Deliver Standard Service Packages
92
Paralegals Expanding the Role
95
Evaluate the Current Paralegals
97
Price the Paralegal Services
98
Set Production Goals for the Paralegals
99
If All Else Fails Using the BandAid
101
Make the Collection Policy and Procedure a Priority
103
Other Approaches
104
Making It Work
105
Taking the First Stepand Another Stepand then Another
107
Final Thoughts
109
Financial Reports Profit and Loss Statement March 2005
111
Financial Reports Billable Hours March 2005
112
Financial Reports Billing and Billing Realization March 2005
113
Financial Reports Cash and Collection Realization March 2005
114
Financial Reports Origination Credit March 2005
115
Financial Reports Aged WorkInProcess
116
Financial Reports Aged Receivables March 2005
117
Financial Reports Firm Pipeline Report March 2005
118
Financial Reports Balance Sheet March 2005
119
Financial Indicators Worksheet
120
Revenue Capacity Worksheet
122
The Scorecard
123
Client Intake Policies and Procedures
124
Fee Agreements and Fee Deposits
125
Rule 15 Fees
126
Law Firm Plan for Implementing ValueBased Billing Document Preparation
130
Law Firm Plan for Implementing ValueBased Billing The Fixed Fee for Small Case
132
Law Firm Plan for Implementing ValueBased Billing Transactional Matter
135
Sample Billable Hour Policy
137
Sample Time Recording Policy
138
Variable Hourly Rate Worksheet
139
Sample ClientCentered Service Policy
140
Correspondence
141
Recovery
142
Sample Paralegal Hiring Policy
143
Paralegal Profitability Worksheet
144
Paralegal Billing Guidelines
146
Sample Law Firm Collection Policy
148
Planning Worksheet
149
Resources
151
Index
153
Selected Books fromTHE ABA LAW PRACTICE MANAGEMENT SECTION
Copyright

Other editions - View all

Common terms and phrases

Bibliographic information