Too many lawyers have the misconception that flat fees are only appropriate for small, simple matters such as basic wills and trusts or entity formation. There is, however, a much broader range of work where flat fees are appropriate. Flat fees should be considered when one of the following factors is present: The value […]
On March 10, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility published Formal Opinion 498 permitting the virtual practice of law. A year into pandemic shutdowns which included the widespread closure of courts and law offices, this is unsurprising. With much of the industry forced to practice remotely during this period, it’s […]
According to a report from Clio entitled “Legal Trends for Solo Law Firms,” revenues for solo law practices fell by 5-7% more than those of larger firms at the start of the pandemic (April-June 2020). In covering the report, ABA Journal fails to recognize the limitations of solo practices more broadly. Even in the best […]
Thomson Reuters’ Peer Monitor Index, issued earlier this month, draws attention to the root of the strong profit growth with which law firms ended a turbulent year. With some practice areas, including corporate and tax work (as well as bankruptcy) experiencing around 4% growth or more, reduced demand in areas like litigation was partially offset. […]
Traditionally, consumer-facing law firms have paid much more attention to online reviews on places like Yelp and Avvo than their B2B counterparts. But even firms that cater to businesses should be thinking about their searchability online. Potential clients may not be looking for directions to your office right now, but they are still using Google […]
Clients are less likely to pay their lawyers toward the end of a representation. This is especially true for hourly work and those situations where the client has already paid enough to feel justified in stopping payment. For attorneys, the risks of non-payment are especially pronounced when a representation approaches a game-changing event, such as […]
On January 13, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility issued guidance for responding (or refraining from responding) to negative online comments and reviews. The core of the issue is the matter of confidentiality, with the Committee making clear that lawyers may not disclose any information that “could reasonably lead to […]
The 2021 Report on the State of the Legal Market, published by Thomson Reuters and Georgetown Law’s Center on Ethics and the Legal Profession, suggests that 2020 may over time be seen as a “tipping point” for the legal services industry. The authors reference Malcolm Gladwell as they adopt the term, explaining that this phrase […]
Managing partners and other law firm leaders can be reluctant to allow junior lawyers to discuss fees with potential clients. One of the recurring concerns is that the associate might commit the firm to fees that are too low. And some firms are gun shy about discussing hourly rates because of what those figures might […]
If you want to increase law firm profitability, you have to track it relentlessly and share the results of your analysis widely. Although profits-per-partner has become a widely known metric for large law firms, most smaller firms don’t track profits assiduously. There is a world of difference between having your accountant calculate profits at […]