Marg Bruineman included my comments in her excellent article, “Keep your eye on the prize”, published May 5, 2014 in the Canadian Lawyer magazine. The article discusses cash flow issues facing Canadian law firms today. My comments focus on suggestions for increasing cash flow using various bad debts prevention controls, including retainers, credit checks and credit limit systems.
Here is my latest white paper written for Clio on “Alternative Billing Structures in Law Firms”. In the paper I discuss how to determine the “hard value” that your law firm will provide during the course of the engagement. This will help determine the price you can negotiate up front before the engagement proceeds. If you can master value-pricing and this “hard value” determination process, you will unleash one of the major boosts for optimizing long-term profitability for your law firm.
Here is a white paper I wrote for Clio on “How Realization Rates Can Increase Firm Profit”. In recent years, realization rates have been dropping for law firms of all sizes as clients have pushed for lower rates and fixed fee pricing of legal work. The paper explains how realization rates and other key profitability metrics are calculated and outlines several strategies to increase realization rates and profitability.