Watering the money tree; by reforming their financial practices, firms can increase collections and raise revenues
Article Abstract:
Firms trying to increase their revenues have several approaches available, most of which can be implemented concurrently. These include qualifying clients according to risk, improving collections with better invoices or a collection agent, analyzing personnel ratios to identify potential efficiencies, and calculating formulas for collection analysts and financial business ratios. Firms with a written business and/or marketing plan average significantly higher growth in revenues and profits than those without.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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Partners can lessen lease debt threat; now that landlords no longer offer them non-recourse leases, law firms must find ways to reduce potential partner liability
Article Abstract:
Law firms trying to lease office space face stricter landlord demands for individual partner liability. The non-recourse treatment formerly given to law firms is harder to obtain in this age of declining law firm profitability. If the lease transaction includes such liability, ways to limit it include the joint and several liability approach, the liability cap method and the reduction formula. The effect of such business forms as limited liability partnerships on office leases is discussed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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Associates see firm's financials
Article Abstract:
Boston's Mintz, Levin, Cohn, Ferris, Glovsky and Popeo has various policies allowing associates a glimpse into the firm's finances and a voice in evaluating senior management. Regular meetings with senior partners allow associates to review the firm's revenues, costs and billable hour tallies, and the firm's performance is compared with financial and hourly goals. Managers also share long-term plans such as which specialties they want to emphasize.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1999
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