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Targets - Aspirations and Imperatives

In my recent Law Management Section webinar "Using Financial Efficiency to Reduce Costs and Increase Profit" I asked the audience how many chargeable hours per year their firm expects from its fee earners. Over 75% of the audience indicated that their target was over 1000 hours per year.

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Beyond Budgeting

For many firms September represents the midpoint of the financial year and is a good time to review the firm's progress against its budgets.

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Financial Strength for Independence - or Investment

The legal sector was historically regarded as being low-risk and high-value, and was therefore an extremely attractive lending proposition for bankers. However, this has not been the case for five years now – and in a number of cases, firms have been slow to realise the implications.

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Client Selection

Client selection is an issue that many firms do not even consider. In most cases, the focus is on how clients select the firm they intend to instruct, and this is of course a crucial matter.

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What's Going On?

One of the difficulties in assessing the state of the legal market has been the paucity of up-to-date data.

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Do no harm?

Very occasionally in reading about law firm management I come across a memorable turn of phrase -I have on many occasions used the late Larry Ribstein's description of large American law firms as "Thinly Capitalised Workers’ Cooperatives" in my sessions on cash flow and working capital.

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