“I think this book is a must read for any attorney who wants to achieve personal financial success in the practice of law. Many lawyers who are highly capable attorneys are not equipped to be financially successful but this book is a significant tool to change that. The book provides a foundation for further study of the business competencies a successful lawyer needs.”
– RW, Minnesota
You’ll learn how to:
- Follow the 5 Steps of Law Business Planning
- Rate the profitability and performance of your practice
- Manage your cash flow more effectively
- Shorten your billing cycle
- Get clients to pay more – and on time
- Change your billing method so that clients don’t get sticker shock when they read their bill
- Raise fees without any clients complaining
- Understand the impact each client has on your business
- Effectively balance your client portfolio so you never get stuck for cash when a heavy hitter leaves
Foreword
Understanding Business Competency
- Introduction and Definition
- Importance of business competency
- The unique law firm environment
Law Firm Business Planning
- Service elements
- Warning signs
- The five planning Steps
Law Firm Business Performance
- Performance factors
- Accounting methods
- Large firm performance
- Small firm performance
Cash Flow Management
- Collection cycle
- Statements
- Accounts management
- Clients trust accounts
- Average daily balance
- Bank sweep
- Deposits
Billing Rates and Cycles
- Identifying costs
- Billing options
- Value mix
- Raising fees
Collections
- Written engagement agreement
- Planning
- Time records
- Ancillary expenses
- Communication
- Collection service
The Junior Attorney’s Impact
- Information metrics
- Associate value
- Financial ownership
The Client’s Impact
- Client business essentials
- Client financial agreements
- Client mix
Case Studies in Understanding Business Competency
- The real cost of e-mail
- The real cost of lawyer turnover
- The real cost of capital investment
- The real cost of telecommuting
Business Competency Resources