Ed Poll's latest Special Report, entitled, Law Firm Fees and Compensation is out, and it's a must read for all lawyers, whether they're in charge of firm finances or not. Poll covers everything from alternatives to the billable hour to associate compensation, retainer agreements, collections and trust accounts – all in one easy to read volume. The report provides clear examples and forms and is easily understandable, even to the most mathematically challenged lawyer.
Poll includes practical hints in such areas as negotiating your rates and changing the focus of compensation from number of hours to team effort and meeting organizational, rather than individual targets.
This special report is right in line with Poll's emphasis on the business aspects of practicing law. It presents an integrated approach to measuring, billing and collecting fees and to compensation of attorneys within the firm. The basis for the report is his 'three dimensional' approach to law firm business: sales (getting work), production (doing the work) and finance (getting paid).
Poll's report answers the most frequently asked questions that lawyers are confronted with in these areas, including the feasibility of taking credit cards, how to properly use your trust account, when you can (and must) withdraw funds, when a fee is considered 'earned,' what constitutes fee splitting and what to consider when using contract lawyers. He presents the often-overlooked but all-important issues of determining clients' goals, tracking progress toward those goals and increasing the client's perception of value.
Law Firm Fees and Compensation is a comprehensive reference which lawyers are sure to return to again and again as they continue to improve their firm's operations, services and finances. To order, click here.