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Tom Busch
The 6 Profit Points of Every Law Firm
| 13 March 2012
Revenues are not the best measure of your firm's financial health. Instead, look at your profitability to gauge your firm's financial position. It is not surprising that revenues get all the attention. In most areas, law firms are ranked by revenues, therefore, attorneys concentrate on increasing revenues. However, when you rely just on revenues to define how your firm is performing, it is easy to overlook important data -- what I call Profit Points -- that significantly impact the bottom line. The better you understand my 6 Profit Points, the more you can help your firm reach its profit goals.
Profit Point 1 – Centralized Client Records
It’s no longer a matter of simply filing documents in a file cabinet. On top of all the traditional paper documents and faxes that are still used, now law firms utilize:
Top 10 Factors to Consider Before Investing in Practice Management Technology
| 18 January 2012
The simple fact that you are considering a practice management program means that your firm has reached a pain point that makes work difficult on a regular basis – matter-related contacts, emails, notes, documents, etc. are scattered among various software programs and computers; attorneys must “re-create the wheel” when they can’t find a particular document so productivity suffers; billable hours are lost when they aren’t captured real-time. Inefficiencies like these cost you a bundle in client service and profitability every day. There are many excellent practice management programs out there. Here’s what you need to consider before investing in one of them:
