One of the things I hear about all the time is how difficult it can be to collect fees from clients. That challenge is depicted in the graph below by the gap between fees billed and fees actually collected. Given that difficulty, I wanted to write about some potential solutions, some of which are already in practice to … Continue reading Alternative Fee Collection Methods
This post is the second part to a series of posts discussing the value of a JD/MBA. The goal of this series is to point out that an MBA positions its recipient as a business professional/expert, which is extremely valuable when both your clients and your law firm are businesses. My first post focused on the value … Continue reading Law Firms’ Performance Depends Upon Hiring JD/MBAs: How JD/MBAs Offer Their Firms Greater Value
I just came across this video, and thought I would share it. The tension at play in this video is an interesting one: we want to bring business professionals into the legal market to advance the business side of the legal profession, but we have bar associations maintaining protectionist policies and barriers to entry that are preventing the … Continue reading Bar Associations Maintaining Barriers to Entry
One thing that goes along with the current model of hourly-rate billing by law firms is a positive cash conversion cycle. In other words, the time between the work you perform for a client and when you bill them is essentially a 0% interest loan that you’re extending to the client for legal services. In this … Continue reading Using Flat Legal Fees to Create a Negative Cash Conversion Cycle
As a JD/MBA I get a front-row seat to the debate over how much value an MBA adds, if any, to a legal career in business law (especially in work with smaller companies and startups). I get to hear the full range of perspectives: some think that the MBA doesn’t add any value, and others … Continue reading Law Firms’ Performance Depends Upon Hiring JD/MBAs: How JD/MBAs Offer Their Clients Greater Value
As it stands, most law firms have a single brand under which they list numerous practice areas. For instance, Orrick Herrington. This is a significantly centralized brand structure as compared to a corporate structure that may include several brands that all focus on specific target markets. Though law firms do draw lines between various practice … Continue reading Creating a Law Firm Brand of Brands: How Law Firms Can Effectively Target Specific Market Segments
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