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Here's a brief glance at what you will find in the Winter 2012 Newsletter
This article addresses the IRS rules surrounding reporting of amounts received and disbursed from Escrow funds held by a law firm on behalf of a client.
Client origination has long been considered one of a partner’s core responsibilities. But disagreements can arise when one partner claims origination credit for bringing a client through the door, another for growing the client’s account and a third for performing most of the client’s legal work. This article explains that firms need to take up the recognition question as they grow, especially if partners are squabbling — or worse, leaving — because they don’t feel they’re getting the credit they deserve.
For most lawyers, effectively selling their firms’ services and their own legal expertise — otherwise known as business development — is essential to a thriving career. Unfortunately, finding clients and maintaining those relationships aren’t skills that come naturally to most attorneys. As this article explains, it’s important to provide associates with networking advice and rainmaking tools. A sidebar offers three tips for making the most of networking and business development opportunities.
A cost-recovery system is an excellent way for law firms to control expenses. Tracking office expenses through a cost-recovery system helps show firms — and their clients — where the money is going. This article discusses the advantages of cost-recovery software and the importance of keeping it up-to-date.
Financially troubled law firms don’t always realize they’re troubled until it’s too late. By taking a quick pulse check, it’s possible to identify early signs of ill health — while there’s still time to treat them. This article examines what to look for in financial statements and how to spot subtle warning signs.
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