About
As competition in the law firm market continues to increase, many firms will
not survive. The last two years have seen multiple mega-mergers and the dissolution
of firms that were once seen as leaders in their fields. Law firms' costs
continue to skyrocket as firms are forced to raise salaries to attract top
talent and absorb spiraling health benefits costs. Meanwhile, clients are demanding
reductions in their legal fees, and they are becoming more selective about
the firms they hire as they look for ways to consolidate their outside counsel
needs. What does all this mean to a law firm CFO? It means your job keeps getting
tougher.
The successful law firm CFO or finance director must treat the law firm as
a profitable business - by maximizing revenue while controlling costs.
But too often, the CFO finds himself saddled with a firm that follows an antiquated,
outdated business model, where clients are entrusted to pay when they're
ready and attorneys are rewarded for inefficiency. To change this model, the
CFO must work with firm management to overcome multiple challenges and plan
strategically for the firm's future.
American Conference Institute's Law Firm CFO Summit's publication will provide you
with the knowledge you need to meet the myriad of challenges in maximizing
the firm's profitability - both now and for the future. A faculty
of experienced law firm CFOs, partners and managers, as well as solution providers
and consultants have provided their presentations from the conference, filled with first-hand, practical, and comprehensive
information on:
- Avoiding disputes with clients over e-billing by giving the clients
the billing information they want
- Targeting areas where you can improve firm profitability
- Helping attorneys develop a rain-making mindset by encouraging time
spent on business development
- Best practices for efficient and effective billing and collections
- Strengthening client relationships with strategic collections methods
- Attracting and keeping top talent with financially prudent employee
recruitment and retention strategies
About
As competition in the law firm market continues to increase, many firms will
not survive. The last two years have seen multiple mega-mergers and the dissolution
of firms that were once seen as leaders in their fields. Law firms' costs
continue to skyrocket as firms are forced to raise salaries to attract top
talent and absorb spiraling health benefits costs. Meanwhile, clients are demanding
reductions in their legal fees, and they are becoming more selective about
the firms they hire as they look for ways to consolidate their outside counsel
needs. What does all this mean to a law firm CFO? It means your job keeps getting
tougher.
The successful law firm CFO or finance director must treat the law firm as
a profitable business - by maximizing revenue while controlling costs.
But too often, the CFO finds himself saddled with a firm that follows an antiquated,
outdated business model, where clients are entrusted to pay when they're
ready and attorneys are rewarded for inefficiency. To change this model, the
CFO must work with firm management to overcome multiple challenges and plan
strategically for the firm's future.
American Conference Institute's Law Firm CFO Summit's publication will provide you
with the knowledge you need to meet the myriad of challenges in maximizing
the firm's profitability - both now and for the future. A faculty
of experienced law firm CFOs, partners and managers, as well as solution providers
and consultants have provided their presentations from the conference, filled with first-hand, practical, and comprehensive
information on:
- Avoiding disputes with clients over e-billing by giving the clients
the billing information they want
- Targeting areas where you can improve firm profitability
- Helping attorneys develop a rain-making mindset by encouraging time
spent on business development
- Best practices for efficient and effective billing and collections
- Strengthening client relationships with strategic collections methods
- Attracting and keeping top talent with financially prudent employee
recruitment and retention strategies
Contents & Contributors
MINIMIZING THE DOWNSIDE AND MAXIMIZING THE POTENTIAL OF E-BILLING
Rob Thomas, Serengeti Law
FINANCIAL REPORTS: TOOLS FOR SUCCESS – USING FINANCIAL REPORTS TO INCREASE YOUR FIRM'S BOTTOM LINE
Marybeth Celorier, Burns & Levinson LLP
USING FINANCIAL REPORTS TO INCREASE YOUR FIRM'S BOTTOM LINE
Steven Petrie, Dorsey & Whitney LLP
MAKING LONG-TERM PROFITABILITY A FIRMWIDE PRIORITYQ
Carolyn Hammerberg, Hanson Bridgett Marcus Vlahos & Rudy, LLP
Deborah McMurray, Deborah McMurray Associates/Content Pilot LLC
Richard Holdrup, Heller Ehrman LLP
STRATEGIC PLANNING OVERVIEW
Michael Hourwitz, Venable LLP
Bruce MacEwen, Esq., AdamSmithEsq.com
GUARDING AGAINST RISK: ARE YOU SPENDING TOO MUCH OR TOO LITTLE ON RISK MANAGEMENT TOOLS?
John A. Shutkin, Shearman & Sterling LLP
GETTING PAID: STRATEGIES FOR TIMELY BILLING AND COLLECTION
Rich Ransom, Fenwick & West LLP
Pamela Kohlman Webster, Buchalter Nemer
Wendy Rustay, Bingham McCutchen LLP
MINIMIZING RECRUITING COSTS AND IMPROVING ATTORNEY RETENTION
Carolyn Hammerberg, Hanson Bridgett Marcus Vlahos & Rudy, LLP
CONTROLLING EMPLOYEE COSTS
P. Doug Benson, Orrick, Herrington & Sutcliffe LLP
MANAGING FINANCIAL RISK THROUGH EFFECTIVE CLIENT INTAKE
James Schnieders, Stone Pigman Walther Wittmann L.L.C.
Seelin Naidoo, Cash Management Solutions
SETTING PARTNER AND ASSOCIATE COMPENSATION STRUCTURES
Bruce D. Heintz, Aronson/Heintz Associates LLC
BUDGETING WISELY FOR TECHNOLOGY PURCHASES
Timothy Armstrong, Vinson & Elkins LLP
Publication Details