The May 2011 issue of Law Practice Today, titled, Law Practice Profitability: Not Worth Ignoring is now available, and it's packed with tips to help you make sense of your firm's finances.
In Wisdom Through the Ages, George Leloudis compiles tips from such experts as David Bilinsky and Jim Calloway from a recent program on money matters. These include creating an actual budget for your firm (yes, you know you should, but how many actually do it?) developing a financial dashboard to help you keep an eye on the firm's finances and following up on collections.
In this issue, I challenge the idea that you need to keep track of your time in order to determine profitability in: Challenging the Idea that You Need Timesheets to Determine Profitability. It may be controversial, but it's worth looking critically at this practice to see whether it really serves lawyers (or their clients).
When we start talking about law firm profitability, inevitably lawyers begin thinking of ways to cut costs. Molly DiBianca discusses one way to cut costs in How to Save Money Now By Going Paperless.
Ed Poll shows how much lawyers contribute to their communities and reminds us that in order to support good pro bono work, firms must first be profitable in Pro Bono and Profits are not at Odds.
In this month's management column, Linda Klein reminds us that our firm's reputation isn't based just upon the lawyers - the staff counts, too. In Taking the Lead - Having a Winning Reputation with Engaged Employees, she provides some keys to keep employees engaged - because an engaged employee provides good service to clients.