Law Firm Partner: Equity Partner vs. Non-Equity Partner In “traditional” old-line law firms, it was typical for a lawyer to join a firm upon graduation from law school. From there on work hard as an associate for five to seven years. And then, in most cases, be admitted as a law firm partner. As…
When to raise the rates, How to raise the rates, Whether to raise the rates The trend today “is away from the billable hour.” Even so, hourly billing is still very much alive, and raising those rates is tricky business. How much is enough? How much is too much? When should the deed be do…
How To Plan A Strategic Planning Retreat? Having a strategic planning retreat is an excellent vehicle for a law firm to address issues such as the development of a long-range business plan. Is your firm among those which have made unsuccessful attempts at having planning retreats? Or are you ove…
“It hasn’t been invented,” says Robert J. Henderson, founder of RJH Consulting & a Jackson Hole, WY, law firm consultant. There are as many compensation systems as there are law firms, and no two are 100% the same. So how does a firm set the right type of law firm partner compen…
A good staff evaluation calls for a lot of points that often get overlooked Don’t look at a staff evaluation as a perfunctory exercise to give employees a raise. They are the administrator’s greatest opportunity to give employees reinforcement on what they’re doing well and direction on how to imp…
I have been practicing law in the same firm since graduating from law school. During that time, my practice had been devoted almost exclusively to personal injury litigation. I was content to let others manage the firm while I “did my thing” as a trial lawyer. I was convinced I wasn’t cut out for mana…
It feels like 2018 just started, but we’re already well into the second quarter of the year! No matter if you run a small, medium or large law firm, this time of year is a great time to reset, reassess and make real changes in your law firm strategic planning. If your law firm isn’t where you want it…
If you don’t know the benchmarks, you have no way of knowing if you’re meeting them. If your conversion rates are between 50% and 60%, the industry’s average conversion rate might surprise you. A competitive firm benchmark is anywhere between 87.5% to 92.5%. If you’re not in this…
Good law firm management requires the knowledge of needed organizational and practice management skills. It also requires personnel to have the leadership capabilities to apply those skills to obtain, guide, and motivate good people. Good management also involves the ability to delegate…
In “traditional” old-line law firms, it was typical for a lawyer to join a firm upon graduation from law school. These lawyers work hard as an associate for five to seven years. Then, in most cases, be admitted to equity partnership, staying until death or retirement. Today, many firms, even smaller firms…