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Practice Management

More Partner Income

Dedicated to ideas and techniques for the financial management of the law firm with the objective of increasing the income of equity partners.

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Last Entry: July 11, 2009 at 00:20:01

Law Firms Pass On Arbitration In Employment Disputes

Posted on April 04, 2008
In an article for the upcoming issue of the National Law Journal (NLJ) posted yesterday on their site, law firms are not taking their own advice when it comes to arbitration clauses in employment disputes. Is this a case of what's good for the goose isn't good for the gander? Why would arbitration be a good [...

9 "Sure Bets For The Future" Attorneys Should Watch

Posted on April 03, 2008
Nothing in the future is certain, except taxes, death, and that the world will implode from global warming or some other threat that replaces it. That notwithstanding, Harvard Business Online is boldly proclaiming 9 "sure bets for the future": 1...

Developing A Goals-Based Strategic Plan With Financial Focus

Posted on April 02, 2008
Goals-based strategic planning takes a different tact than a "basic" strategic plan in that there is a singular focus by which the firm sets goals. Focusing on financial goals is more manageable and attainable than the comprehensive strategic plan, but requires attention and accountability nonetheless...

Developing a "Basic" Strategic Plan For Law Firms

Posted on April 01, 2008
The Free Management Library has some good information related to developing a strategic plan. The site lays out several models that can be implemented for both profit and non-profit businesses. The focus of this post is the "Basic" strategic plan. This is also the one that most firms use when ...

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Developing a "Basic" Strategic Plan For Law Firms

Law Firm Strategic Planning - An Overview Of Models

Posted on March 31, 2008
When some talk of strategic planning, they are talking about retreats and consultants, about mission statements and long term goal setting. Strategic planning can be all of this - however, it doesn't necessarily have to be a complex document that takes weeks or months to develop...

Law Firm Strategic Planning - An Overview Of Models

The Obstacle To Change In Law Firms

Posted on March 28, 2008
On the plane coming back from Philadelphia I was asked by a colleague of mine, Tiffany Poulton, what I thought was an obstacle to change. After a brief pause, I mentioned that perceived difficulty would be an obstacle to change. She responded, "what about fear?" It brought to mind a book ...

New Advocate Group Targets Work-Life Balance At Law Firms

Posted on March 28, 2008
A guest blogger for JDBliss writes on March 20th about a 3L law student at Standford Law School who has built a new organization trying to influence how Big Law firms treat their associates. The law student "was disturbed by the stories he heard from lawyer friends about 60-hour weeks poring over ...

Information-Driven Business Development For Law Firms

Posted on March 28, 2008
The Harvard Business Review is rapidly becoming my other magazine I read cover-to-cover (the other being The Economist). In the March, 2008 issue there is a short article related to Web Retailing that I believe is a good example of why attorneys need to be spending more time blogging...

Spring 2008 Managing Partner Advocate Is In The Mail - And Online

Posted on March 28, 2008
The Spring 2008 Managing Partner Advocate is in the mail. Highlights include an interview with a managing partner from a Louisiana firm and an article from a tax attorney on the tax implications of a withdrawing member of the firm. Like our past issues, the Spring '08 Advocate is full of articles focused ...

The Obstacle To Change In Law Firms

New Advocate Group Targets Work-Life Balance At Law Firms

Posted on March 27, 2008
A guest blogger for JDBliss writes on March 20th about a 3L law student at Standford Law School who has built a new organization trying to influence how Big Law firms treat their associates. The law student "was disturbed by the stories he heard from lawyer friends about 60-hour weeks poring over mind-numbing documents, young associates getting [...

Information-Driven Business Development For Law Firms

Posted on March 26, 2008
The Harvard Business Review is rapidly becoming my other magazine I read cover-to-cover (the other being The Economist). In the March, 2008 issue there is a short article related to Web Retailing that I believe is a good example of why attorneys need to be spending more time blogging...

Spring 2008 Managing Partner Advocate Is In The Mail - And Online

Posted on March 25, 2008
The Spring 2008 Managing Partner Advocate is in the mail. Highlights include an interview with a managing partner from a Louisiana firm and an article from a tax attorney on the tax implications of a withdrawing member of the firm...

Law Firms' Lack Of Oversight Risk More Than Money

Posted on March 24, 2008
The Estrin Report is a great resource for paralegals and other legal support professionals. The March 22nd post quotes a Maryland Daily Record article where an attorney has been suspended twice - TWICE - for mismanagement of client trust funds. He never took one penny, however...

Law Firms' Lack Of Oversight Risk More Than Money

Virtual Worlds, Social Networking, Web 2.0: The Jealous Mistress Is Online

Posted on March 21, 2008
Law is famously known to those who practice as the "jealous mistress" (I'm not sure how well this analogy works with the growing number of women attorneys). The phrase adds a new dimension when used in association with virtual reality. Davis, LLP, a Canadian firm made the focus of the cover story in ...

Virtual Worlds, Social Networking, Web 2.0: The Jealous Mistress Is Online

New Contributors For More Partner Income

Posted on March 20, 2008
In the coming weeks, there will be some new contributors added to the blog. I met with several members of the Redwood Analytics team in Virginia today and am happy to announce that their expertise will be added to More Partner Income. Redwood Analytics is a new acquisition to LexisNexis...

The Case Against Income Partners

Posted on March 20, 2008
I have suggested utilizing a non-equity partnership tier as a way to reward attorneys who are not yet ready for firm ownership. Jim Cotterman has made an argument against it. In my assessment, non-equity partnership can be a tier to place attorneys who excel in some things, such as working ...

New Contributors For More Partner Income

The Case Against Income Partners

Posted on March 19, 2008
I have suggested utilizing a non-equity partnership tier as a way to reward attorneys who are not yet ready for firm ownership. Jim Cotterman has made an argument against it. In my assessment, non-equity partnership can be a tier to place attorneys who excel in some things, such as working files, but don't have the [...

Management ABCs: The Hawthorne Effect

Posted on March 18, 2008
A method of increasing performance is based on the Hawthorne Effect. Although several of the experiments have been downplayed by social psychologists, the effect that attention has to performance is as true today as it was when recorded at the Hawthorne Plant in the 1920's...

For Long Term Increases To Income, Partners Must Delegate Work

Posted on March 18, 2008
I spoke Friday at the ABA Techshow on profitability and the key drivers of partner income. At the end, I posed some questions to the audience to facilitate discussion on the findings of the 2007 Law Firm Economic Survey. One of the questions I asked was "why would firms have ...

Generation Y Attorneys - Is It Lack Of Motivation, Or A Difference In Focus?

Posted on March 18, 2008
While sitting on a plane on the way to the ABA Techshow, I was reading the February 2008 issue of the Harvard Business Review. An article titled, Task, Not Time: Profile of a Gen Y Job, caught my eye. I often hear managing attorneys lament the lack of motivation of ...

First Day at ABA Techshow

Posted on March 18, 2008
Met Kevin O'Keefe today and he had Rob La Gatta interview me - it is posted here. Also went to a session hosted by Debbie Foster and Steve Best. The session was about Document Management. I'll admit, document management has always been a component to me...

Another Word Of Caution Regarding Inflation

Posted on March 13, 2008
This morning I am off to Chicago to attend the ABA Techshow. I am speaking on benchmarking and the results of the 2007 Law Firm Economic Survey Friday at 2:30pm central. If you are attending the conference I encourage you to drop by. I plan to do some blogging at the event as ...

How Inflation Deflates A Law Firm's Bottom Line

Posted on March 12, 2008
I received an email earlier this week from a reader who corrected an error I made when discussing the effects of inflation within the post How Law Firms Can Increase Income By $100k Per Partner In 1 Year. Rather than re-working the example in the original post(where few would notice it), I decided to ...

2008 Law Firm Economic Survey

Posted on March 11, 2008
We will soon start accepting submissions for the 2008 Law Firm Economic Survey. This is our 3rd year to conduct the survey and in two short years we have created the largest survey of its kind focused on the mid-sized law firm. Our survey serves several purposes, including but not ...

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