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money & finance  Check out the articles below for guidance on how to: balance receivables and payables; finance growth; compensate associates; bill on time and on target; handle bad debts; organize your business to minimize taxes; and much more.

Newest Articles More Secrets of the Business of Law  CBA PracticeLink has teamed up with LawBiz.com to offer our readers a series of excerpts from Ed Poll's must-read book, More Secrets of the Business of Law: Even the Lone Ranger Needed Tonto: Support Staff for Solo Practices > Opening Your Own Office: What Will It Cost? > Making Money: Your Practical Guide to Profit™ > The Complex Conundrum of Cash and Lawyer Compensation If your revenues from a given client are less than the costs to service that client in lawyer and staff compensation, your law firm is like an athlete exercising in hot weather. Lawyers often see only the intake—the cash “hydration” of revenue—and do not realize the dehydration that dissipates cash faster than the money comes in. More... Is Flat Fee Billing a Viable Alternative? Rather than setting price by a standard unit or result, alternative billing options focus on actions taken to benefit the client, beyond the time of how that value is applied. One of the simplest such options, and one that has increasingly received a great deal of attention in Canada, is billing for legal services at a flat rate. More... Not If, But When: Prepare a Disaster Recovery Plan Today There are two types of law firms: those that have experienced a disaster, and those that will. Protect yourself with these steps and checklists for developing and implementing a disaster recovery plan for your firm. More... Is Your Overhead Too High? The Factors Involved in Reducing Law Firm Overhead Costs All law firms, large and small, have one thing in common: a finite limit to discretionary spending. Overhead can, with some creativity, be reduced if necessary—there should be no such thing as a fixed cost. Spending for such items as leases and staffing is important but can be modified when necessary. More... How to Get Paid These columns address a variety of issues—structuring an engagement letter, raising your fees, working with your banker on cash flow management—all of which have the same basic theme: helping you get paid. Part I - How to Manage Your Cash Flow: Use Your Banker As Your Partner > Podcast Now Available! Part II - How to Write an Engagement Letter: Get It In Writing to Avoid Problems Later > Part III - How to Increase Your Fees: Measure Your Service in Terms of Value > Part IV - How to Get Paid: It's in Your Hands > Part V - The Perfect Legal Bill > How to Benchmark Your Law Firm’s Financial Performance Financial benchmarks can help uncover operating deficiencies in a law firm and provide fact-based information to gain consensus among your colleagues. Most importantly, benchmarking enables you to measure progress toward achieving the firm's goals and strategies. More... Developing Alternatives to the Billable Hour Choosing the right alternative is ultimately a business matter for both the firm and the client. There is no universal best billing alternative. Client preferences and each firm's operations differ, and each project or case has a multitude of factors that could accommodate these billing options. See also - The Billable Hour—Here to Stay? Key Considerations When Selling or Closing a Solo Law Practice in Canada When a lawyer with a large firm decides it's time to close up shop, much of the stress associated with the change is offset by the fact that the associates and partners can take the reigns in a reasonably timely fashion. However, for a sole practitioner, it's a completely different set of circumstances and checklists. See also - Selling or Closing a Law Practice: Plan Carefully Before Taking Either Step How to Budget an Engagement: Creating a More Satisfied Client Lawyers in general aren't interested in running a business, and they especially don't want to do business planning. But failing to plan is planning to fail. That is particularly true at the start of a new engagement with a business or corporate client. More... Other Articles 10 Questions to Ask Before Responding to an RFP Five Ways to Get More Business from Existing Clients Planning Ahead for Partner Retirement Guerilla Tactics on Getting Accounts Paid How to Adjust Your Fees Without Losing Clients How to Develop and Implement a Strategic Plan for Your Firm How to Get Paid Association Compensation and Advancement: There is a Better Way Analyzing Your Law Firm’s Drug Plan Developing a Benefits Package for Your Law Firm How to Decide on a Business Structure for Your Law Firm Connecting With Your Clients Uniform Task-Based Management Systems Laying Your Own Nest Egg Mind Your Own Business! Manage Your Law Practice Like a Corporation

Quick Tips Practical and concise tips on managing your firm's finances. Podcasts How to Manage Your Cash Flow – Use Your Banker As Your Partner : Listen/view online(audio with synchronized presentation) Download audio(.mp3 file for portable device) More podcasts Resources National Magazine Supplement: Small-Firm Billing Guerilla Tactics on Getting Accounts Paid   Disaster Recovery Guide for Law Firms Solo and Small Firm Financial Management Guide Newsfeeds Feed of the Week More blogs/RSS feeds at blawg.org. Links & Blogs  LawPracticeToday - Finance Amazing Firms, Amazing Practices Managing the Business of Law More Partner Income practicePRO Sponsor