How to Keep Your Law Firm Resolutions

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Information about How to Keep Your Law Firm Resolutions

Published on January 18, 2018

Author: goClio


1. Clio Webinar Keep Your Law Firm Resolutions

2. Joshua Lenon • Lawyer in Residence at Clio • Attorney Admitted in New York • @JoshuaLenon

3. Agenda • New Year’s Resolutions for Businesses • Setting & Tracking Law Firm Resolutions • Questions

4. New Year’s Resolutions for Businesses

5. Resolving to Change “Before worrying about how to change, executive teams need to figure out what to change—in particular, what to change first.” 1. Catalyst for transformation, 2. Your firm’s underlying quest, and 3. Leadership capabilities #ClioWeb

6. Catalyst for Transformation Pursue Value • Improve Efficiency • Streamlining and cost cutting • Reinvesting in Growth • Requires dual focus on growth and discipline #ClioWeb

7. 2017 Legal Practitioner Snapshot #ClioWeb 20% 25% 30% 35% 40% 45% 50% Solo 2 to 5 6 to 10 11 to 25 If I had more time I would spend it: Attending to personal matters Building my law firm's business On more billable work

8. Pick Your Quest 1. Global presence: extending market reach 2. Customer focus: understanding your customers’ needs and providing enhanced insights 3. Nimbleness: accelerating processes or simplifying how work gets done 4. Innovation: incorporating ideas and approaches from fresh sources, both internal and externa 5. Sustainability: more socially responsible in positioning and execution #ClioWeb

9. Leading the Way Traps to Avoid • Neglecting the quest • Sticking with the wrong quest • Focusing on multiple quests #ClioWeb

10. Hypothetical Firm Example Blackacre LLP wants to grow their business to include a nearby city. • Catalyst = reinvest for growth • Quest = Global presence • Leadership = developing external vision #ClioWeb

11. Setting & Tracking Law Firm Resolutions #ClioWeb

12. What are Your Law Firm Resolutions? • Increase billable hours • Remove non-billable distractions • Be more organized • Getting to done quicker • Grow my law firm's business • Take on a new practice area • Have more effective marketing • Have more work/life balance • Be healthier • Travel or new hobby #ClioWeb

13. Seasonality in Caseload By Practice Area #ClioWeb

14. Increase Billable Hours #ClioWeb

15. Set a Billable Hour Target #ClioWeb

16. Target Billing Rate Cost Rate = Overhead / Expected Billable Hours Internal Rate = Cost Rate / Expected Realization Rate Target Billing Rate = Internal Rate / (100% - Expected Profit Margin) #ClioWeb

17. Hypothetical Target Billing Rate Cost Rate $117= $175k Overhead / 1,500 Expected Billable Hours Internal Rate $146 = $117 Cost Rate / 80% Realization Rate Target Billing Rate $183 = $146 Internal Rate / (100% – 20% Profit Margin) #ClioWeb

18. #ClioWeb

19. #ClioWebSource: Altman Weil, “Calculating Profitability”

20. Easy Resolution #1: Track Billable Hour Targets in Clio #ClioWeb

21. #ClioWeb

22. Be More Organized #ClioWeb

23. Where Do You Spend Your Time? Business development Office administration 16% 15% 11% 6% Collections Configuring technology Generating and sending bills Licensing and continuing education 16% 33% Administrative tasks48% #ClioWeb

24. Without Practice Management With Practice Management Client / Conflict Management Manually tracked Solutions used include: email, spreadsheets, and paper files Automated Scheduling Manually by electronic or paper calendars Automated Time Tracking • Manually tracked • Standalone time tracking tool used Automated Billing • Manual data entry of client and time information • Standalone billing tool for generation of invoices Automated Account Reconciliation Manual reconciliation Solutions include: spreadsheets or dedicated accounting tool Automated Matter Management • Paper files maintained on site • Paper files maintained by physical storage provider • Documents stored on attorney desktops or in shared folder Centrally managed within practice management, integrated with client and billing data Collaboration By email or paper documents • Internally within practice management • Externally via portals managed by practice management Remote Access VPN, remote desktop, or remote email client Directly via practice management Source: Building a Business Case for Law Practice Management, Blue Hill Research #ClioWeb

25. Time Savings in Clio • Reduction in time spent finding information (centralized information) • Reduction in time spent generating bills • Increase in our firm’s productivity • Reduction of outstanding invoices #ClioWeb

26. Reduction in Time Spent Finding Information #ClioWeb

27. Easy Resolution #2: Download Clio’s Mobile App #ClioWeb

28. Easy Resolution #3: Use Clio for Gmail Extension #ClioWeb

29. Advanced Resolution #1: Customize Clio #ClioWeb

30. Custom Fields #ClioWeb

31. Custom Fields #ClioWeb

32. Types of Custom Fields in Clio 1. Checkbox 2. Contact Select 3. Date 4. Email Address 5. Integer 6. Matter Select 7. Money 8. Picklists 9. Text (Multi-Line) 10. Text (One-Line) 11. Time 12. Web Address #ClioWeb

33. Custom Fields for Matters & Contacts #ClioWeb

34. Custom Field Sets #ClioWeb

35. Customizing Clio Time Entries Task Lists #ClioWeb

36. Reduction In Time Spent Generating Bills #ClioWeb

37. Easy Resolution #4: Switch to New Clio #ClioWeb

38. Column Customizations #ClioWeb

39. Bulk Bill Generation & Payment #ClioWeb

40. Increase In Your Firm’s Productivity #ClioWeb

41. Easy Resolution #5: Build Document Templates #ClioWeb

42. Advanced Resolution #2: Clio’s Advanced Task Report #ClioWeb

43. Reduction Of Outstanding Invoices #ClioWeb

44. Simple Resolution #6: Avoid Lock-Up Days #ClioWebSource: PWC’s Law Firm Survey 2017

45. Easy Resolution #7: Accept Credit Cards #ClioWeb

46. Clio Payments • Firms accepting credits cards were paid 40% faster • Built into Clio Boutique and Elite • No extra fees #ClioWeb

47. Advanced Resolution #3: Use Trust Accounts to Improve Realization #ClioWeb

48. Grow My Law Firm's Business #ClioWeb

49. Easy Resolution #8: Ask for Business Up to 85% of the average law firm’s business comes from referrals. #ClioWeb

50. Advanced Resolution #4: Calculate ROI from Advertising • Less than 10% of law firms surveyed could calculate their return on marketing spend • Return on Investment is: • (Return – Investment) Investment • Respondents expected 3:1 or greater than 5:1 ROI on their marketing spend #ClioWeb

51. Use Clio’s Campaign Tracker to Calculate Marketing ROI #ClioWeb

52. Have More Work/Life Balance #ClioWeb

53. Advanced Resolution #5: Take a Vacation #ClioWeb

54. Get a Co-Counsel for Free #ClioWeb

55. Secure Your Law Firm #ClioWeb

56. Easy Resolution #9: Get Serious on Passwords #ClioWeb

57. Advanced Resolution #6: 2-Factor Authentication #ClioWeb

58. 2-Factor Authentication #ClioWeb

59. Advanced Resolution #7: Run Your Backup #ClioWeb

60. Data Escrow #ClioWeb

61. Amazon S3 for Data Escrow #ClioWeb

62. Conclusions #ClioWeb

63. Easy Law Firm Resolutions for 2018 1. Track Billable Hour Targets 2. Download Clio’s Mobile App 3. Use Clio for Gmail Extension 4. Switch to New Clio 5. Build Document Templates 6. Avoid Lock-Up Days 7. Accept Credit Cards 8. Ask for Business 9. Get Serious on Passwords #ClioWeb

64. Advanced Law Firm Resolutions for 2018 1. Customize Clio 2. Clio’s Advanced Task Report 3. Use Trust Accounts to Improve Realization 4. Calculate ROI from Marketing 5. Take a Vacation 6. 2-Factor Authentication 7. Run Your Backup #ClioWeb

65. Thank You Joshua Lenon @JoshuaLenon 1-888-858-2546

#clioweb presentations

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