Financial and Cash Flow Management

Trying to Grow Your Law Practice? Ten Challenges You May Face...

Tue, 07/25/2017 - 14:38

LawBiz® TIPS – Week of July 25, 2017

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Where are You with Disaster Preparedness and Recovery Planning?

Thu, 02/02/2017 - 00:04
911. Three numbers that, until 2001, gave most of us peace of mind if we were dealing with an emergency. Someone breaks into your home? Call 911. Someone is hurt and needs an ambulance? Call 911. The house is on fire? Call 911.

Then, without warning, early on the morning of Sept. 11, 2001, our concept of those numbers changed. 9/11 became synonymous with disaster.

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Lawyers as Bankers: Extending Credit to Clients

Thu, 01/05/2017 - 22:37
You might not have believed it when you were in law school studying torts and statutes of limitations, but as a lawyer, you are destined to be a banker.

Collecting cash up front

Obviously, the best method of doing business is collecting cash up front, or payment in advance of doing the work. However, this is seldom accomplished. Clients may be accustomed to making a deposit against future services, yet the lawyer's billing in the first month will normally exceed the retainer, no matter how large the retainer.

And a large retainer is seldom possible.

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MDPs: Serving Clients Best

Tue, 01/17/2017 - 21:52

LawBiz® TIPS – Week of January 17, 2017

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Trust Accounts and Ethical No-Nos

Tue, 01/03/2017 - 21:28

LawBiz® TIPS – Week of January 3, 2017

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Technology: prioritize in money and time

Thu, 11/17/2016 - 22:24
Google the word "technology" and in less than one second you'll get almost 3 billion — yes, that's right, billion — results. Love it or hate it, technology is not only here to stay, but also here to have an impact on your law practice.

No one can argue the importance of technology in a business. It can make life easier, it can free up time for more financially important aspects of a business, and it can improve communication (and, thus, relations) with clients.

But technology by itself is not a panacea for all of a business's woes.

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An Attorney's Business Responsibilities of Closing Up Shop

Thu, 09/15/2016 - 22:03
Law, as I've repeatedly stated, is more than a profession; it's also a business.
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Trust Accounts: Staying on the Straight and Narrow

Thu, 10/06/2016 - 21:59
As a general rule, a client's payment for work that has been performed is to be deposited into a lawyer's general account, and payment for work that will be performed is to be deposited into the client's trust account.

The engagement agreement should detail the circumstances under which funds may or must be transferred from the client's trust account to the lawyer's general account. It all seems straightforward and clear.

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The Final Farewell: Business Responsibilities, Part II

Tue, 08/30/2016 - 19:36

LawBiz® TIPS – Week of August 30, 2016

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