Legal Management Magazine

Legal Management reports on topics within ALA’s five knowledge areas: Legal Industry/Business Management; Human Resources Management; Financial Management; Communication and Organizational Management; and Operations Management.

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February 2017: On the Cover

Due Process
To successfully collect what clients owe, firms need to clearly define their billing practices  — and their breaking point

Since the Great Recession, to increase revenue, many law firms have focused on landing new business. In the process, some may have missed out on another major opportunity to improve the bottom line, says James “Beau” Hays, a Partner at Georgia-based Hays Potter & Martin, LLP.

“People noticed new matters would dry up, but they didn't look at how they could get better at getting money in the door,” Hays says. “Very little attention has been paid to how to turn your receivables into money.” Read more.

 


Features
What's Missing From Your Firm's Financial Checklist

Financial reports are crucial to the longevity of your law firm. When you invest the time and energy into completing them, you can identify your strengths and weaknesses and come up with ways to increase productivity and profits. Read more

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The Billable Hour's Grip on Legal

The 2008 economic downturn accelerated corporations’ decisions to put a cap on legal spending — not only in terms of spending volume but also how many outside counsel they would ultimately engage. This forced general counsel as well as their law firms to take pricing seriously beyond just raising billable hour rates. Read more.

Columns

Big Ideas
A Message from ALA President Laura J. Broomell, CLM: Elevate Your Position — Grab That Seat at the Table

BP Perspective
10 Steps Every Law Firm Should Take to Protect Its Data and Create a Secure Environment

Innovations
What the Doctor Ordered: Procedure-Based Pricing for Law Firms

Insure Your Success
Professional Liability Limits: Avoid the Nightmare Scenario When Buying Sleep Insurance

Test Drive
Gadget Reviews with Bill and Phil: Tech for the Year Ahead

Departments

Facts & Stats
Legal Management Updates

Industry News
Opportunities for Paralegals and Consumers: The Limited License Legal Technician 

Tips & Trends
Understanding Credit Card Processing Can Help Maximize Your Firm’s Profitability

ALA Now

ALA Faces
Member and Chapter News

At ALA
Association News and Events

CE Course

Members and nonmembers can read the article, then log in to take a test (members pay $49; nonmembers pay $69). If you pass with at least 70 percent, you will earn one CE credit hour. The goal is to help CLMs get the credits they need for recertification, but it will also count toward SHRM, HRCI or CPE credit. Click here to read the current course, “The Ever-Evolving World of Legal Ethics,” by Steve Wingert, CLM.