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Here's a brief glance at what you will find in the Summer 2010 Newsletter
In tough economic times, it’s not surprising that occupational fraud can become more common, but it’s a significant problem even in the best of times. The latest edition of the Association of Certified Fraud Examiners’ fraud survey, which has expanded from a study of U.S. fraud to fraud on a global basis, indicates that the typical business worldwide loses approximately 5% of its annual revenues to fraud, for a potential total loss of over $2.9 trillion. This article looks at different types of fraud and the kind of environment that allows it, and shows preventive steps that can be taken. A sidebar lists behavioral “red flags” that may indicate fraud.
A typical law firm isn’t likely to ever receive payment on 100% of their bills. However, it can get close to that realization rate. The key is to carefully select clients and cases, and then communicate, communicate, communicate! This article discusses communication when setting a fee agreement, when working with clients when they first become delinquent, and in writing a formal collection policy. Regular communication with clients not only can help improve payment, but also can help lawyers gauge a client’s level of satisfaction with the firm’s representation.
Successful law firms closely monitor their revenues and profitability, both firmwide and by attorney. But the need to allocate overhead can make it difficult to truly assess per-attorney profitability, thereby undermining compensation and related decisions. This article discusses the allocation of direct and indirect costs, and illustrates how a weighted system can help law firms capture more accurate per-attorney overhead and profitability figures.
Social media sites such as Twitter and Facebook are all the rage in marketing these days, but are they right for law firms? The answer is “yes,” but with certain limitations. Law firms can use them to grab attention and send visitors to their Web site as well as provide value-added content that demonstrates expertise and helps convert prospects into clients. This article shows how.
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