This September I had the pleasure of speaking to the innovative lawyers, mediators and greater dispute resolution community members at the American Bar Association's Dispute Resolution Tech Expo.
Financially Legal is a twice-monthly podcast with accompanying articles on the financial aspects of the business of law. Host, Dan Lear, talks with law firm leaders, academics, business professionals and thought leaders to provide compelling and provocative insights at the intersection of finance, economics, and law.
Topics: Firm Financials, Key Performance Metrics, IOLTA, Business of Law, Confido Legal News
Collection rate is defined as the revenue you actually collect into your operating bank account divided by the total amount invoiced. Typical collection rates for law firms are around 85%, but they vary markedly by firm. Increasing your collection rate is a great way to earn more without actually doing any additional work.
Topics: Firm Financials, Key Performance Metrics, IOLTA, Business of Law
Dan Lear was recently interviewed by Mark Homer of legal marketing firm GNGF. Dan and Mark dove into many different topics including:
- Company culture
- A $70,000 minimum wage
- The Confido Legal platform
- Law firm finance
- Alternative fee structures
- Expectations of the modern consumer of legal services
Topics: Firm Financials, Key Performance Metrics, IOLTA, Accounting, Business and Culture, Business of Law, Confido Legal News
Written By Devon Thurtle Anderson, CEO of Financial Consulting Firm, Skepsis
When I first left my law practice to become a law firm bookkeeper and financial strategist, I was shocked to discover how many law firms struggle with cashflow. Even more surprising was that this struggle isn’t just limited to a few seemingly rag-tag solo general practice firms. To the contrary, when I had a chance to look under the hood at dozens of law firms’ books and financial records – including law firms I had always seen as hugely successful – I learned that almost every law firm has a cashflow problem within any given 12-month period. So, as part of my bookkeeping and consulting services, I set out to change that.
Topics: Firm Financials, Credit Card Fees, Key Performance Metrics, IOLTA, Accounting, Invoices, Business of Law
In this episode of Clio Matters, Dan discusses different ways firms are navigating the new remote work environment. He lists helpful technology resources and tells us whose ideas he's leaning on amidst the chaos (Nate Silver and RJon Robins of How to Manage a Small Law Firm to name a few).
Topics: Firm Financials, Credit Card Fees, Key Performance Metrics, IOLTA, Confido Legal News
We get nerdy this episode talking accounting, trust accounting, and regulatory jazz with Lainie Hammond. Lainie runs a law firm in Washington State helping lawyers with issues related to IOLTA trust account compliance.
Topics: Firm Financials, Financially Legal Episodes, IOLTA
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