Legal Management Magazine
Legal Management reports on topics within ALA’s five knowledge areas: Legal Industry/Business Management; Human Resources Management; Financial Management; Communications and Organizational Management; and Operations Management.
February: On the Cover
Setting Laterals Up for Success
Success in lateral hiring is like a coin flip — literally. According to a recently published ALM Intelligence and Decipher report, almost all lateral hires leave within five years, and 62% underperform in bringing over their stated books of business. And yet, firms spend an incredible amount on lateral hiring, from the time investment of key partners, firm leaders and professional staff, to the money — lots of money.
With so much to gain — and a less than stellar industry success rate — what can law firm leaders do to increase the likelihood and eventual realization of these benefits when hiring and onboarding laterals? Read more.
Building a Better Budget (CE Course)
Budgets are a vital component of any firm’s operations, regardless of size. They increase awareness management gleans about the external economic environment in which their firm competes. But what makes one budget better than another? What are the elements that make a good budget and how can you improve your role in the budgeting process while adding value to the finished product and to your firm or legal department? To be useful, there are certain elements any budget must have and principles one should always follow when establishing a budget. This CE course will review those elements. Read more.
7 Ways to Refine Your Billing Practices
Of all the tasks that go on every day in law firms, there is one that unites across all departments — keeping the business running smoothly while keeping clients happy. One way to do so is to ensure solid billing practices. Without these, the firm would cease to function. Read more.
Earn CE Credit
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 “Building a Better Budget” and earn one credit hour in financial management.
- Click here to read “Cyber Risk Management: The Vital Role of Legal Management Professionals” and earn one credit hour in operations management.
- Click here to read “A Lesson in Leadership for Legal Management Professionals” and earn one credit hour in communications and organizational management.
- Click here to read “The Risk of Idolizing False Profits;” and earn one credit hour in financial management.
- Click here to read “Responding to a Request for Proposal:
Time, Money, People and the Law” and earn one credit hour in writing skills.
- Click here to read “How to Ethically Oversee Trust Accounts,” and to earn one credit hour in financial management.
- Click here to read “Confronting Addiction in the Law Firm,” and to earn one credit hour in substance abuse.
- Click here to read “The Ever-Evolving World of Legal Ethics,” and to earn one credit hour in ethics.