10 Ways of Increasing Your Law Firm’s Cash Flow
Friday, 11 February 2022
Cash flow shows the true picture of the financial health of a law firm. Poor cash flow management will make the firm struggle to stay afloat as it can’t pay bills, salaries, or, let alone invest. Law firms had no choice but to adjust to the economic downturn because of the impacts of the pandemic,
- Published in Billing & Invoicing, Expense Tracking, Legal Business Tips, Reporting, Time Tracking
Emerging Legal Trends Affecting the Legal Industry
Friday, 07 January 2022
Toward the end of 2019, and on to 2020, covid 19 brought in radical changes in every aspect of our lives. But the question we should each ask ourselves is, what should we anticipate or improve next? While we’re all tempted to believe that things will go back to the way they used to, the
- Published in Legal Business Tips
Top Time Tracking Mistakes Legal Firms Make
Wednesday, 20 October 2021
Time tracking is an integral component of running a successful legal practice. The implication of improper time tracking can adversely impact a law firm. A 2020 Legal Trends report shows that lawyers spend 30% of their typical day doing billable work. This leaves approximately two-thirds of their workday on non-billable time. Lawyers can successfully address this discrepancy
- Published in Legal Business Tips, Time Tracking
How to Deal with Volumes of Unstructured Data in Your Law Firm
Thursday, 30 September 2021
A typical law firm interacts with tons of data every day. But not all of them are concise enough to influence accurate decision-making. In fact, 80% of data that organizations deal with regularly is unstructured. Commission examples include social media chat history, emails, PDFs, user reviews, videos, images, and many more. The trickiest part is that as
- Published in Legal Business Tips, Time Tracking
The Significance of Understanding Your Law Firm’s Competition
Thursday, 23 September 2021
Practicing law is not a battle. But understanding that you’re not the only law firm that needs the victory or settlement is crucial. Hence, knowing how to conduct a competitive analysis and why it is critical is a key success factor. Let’s face it; whether you are an established law firm or just starting, competition
- Published in Legal Business Tips
Improve Your Law Firm’s Bottom Line with Better Time Management. Here’s How.
Thursday, 09 September 2021
Proper time management is a challenge that law firms face. It is a crucial determinant of how lawyers and legal professionals perform in a business environment characterized by high volatility, ambiguity, uncertainty, and complexity. With clients’ needs and requirements changing by the day, law firms must modify how they relate to their clients in their
- Published in Legal Business Tips, Scheduling, Time Tracking