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RECENT BLOG POSTS
Collection Realization Rates the Clio Way: Have you looked at yours lately
Wednesday, August 7, 2019
The financial health of your law firm—or any business—is ultimately dependent on three components:
1. Get the work: This means selling your product – yes, you are a salesperson disguised as a lawyer.
2. Do the work: The lawyering part of your job.
3. Get paid for the work: You have to collect money to actually earn it.
For all three components, you need to keep a steady stream into your business and also monitor your results to make sure your business is financially healthy. Envision a pipeline with a steady flow of water. A clog or a leak at any point in the pipe will affect the output of the entire pipeline. All three components work together to keep a steady flow.
Year End Collections: Tips for Getting Paid Before Year-end
Sunday, October 23, 2016
The year end is right around the corner, along with the holiday season. So, what do you really want for a holiday gift? How about getting paid for the work you did during the year and focus on year-end collections.
The holidays can be extra hectic for lawyers with the scramble to get money from clients before year-end and tax planning with your accoutant. Most law firms operate on a calendar year and are run on a cash basis, meaning work isn’t counted as revenue until clients pay. If you are a partner or even an associate, your compensation may be tied to the amount of money your firm collects on the work you billed. If you are a solo, you know all too well your compensation is directly tied to how much you collect on invoices.
Year-end planning: Collect Data about Your Clients
Sunday, October 23, 2016
Part 2: Tips for year-end planning Year-end planning tips. Now is a good time to focus on what needs to be done to wrap up the business year and get a head start on 2017. As an attorney and business owner, year-end can become the most stressful time of year. To help you out, we put together this list of four areas on which to focus between now and year-end, while your business may be slower than normal. Area #2 – focus on current clients.
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