Tag Archives: Law Practice Management

Practice Management

Inflation is at a 30 Year High. What that Means for Your Law Firm.

Inflation is at a 30 year High.
What that means for Your Law firm.

November 12, 2021

The most recent inflation numbers in the US are showing that as a result of accommodative monetary policy (low interest rates), and extraordinary fiscal policy (government stimulus programs) in response to the pandemic, inflation has climbed over 6% for the first time since 1991.  Inflation affects how every company does business and also affects the family budgets of every family in the nation.

Understanding Inflation

The causes and effects of inflation are complex, but in the simplest terms inflation is the rate of increase of prices over time.  As inflation increases, everything becomes more expensive.  Said another way, it is a decrease in the value of a dollar.  When the federal reserve creates money to keep interest rates down, the total money supply increases.  With the increase in the number of dollars, each dollar is worth less, so it takes more dollars to purchase things.  Inflation can be extremely deleterious to an economy, since it erodes the buying power of every member and business in a society.

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Practice Management

Time Management Tips to Increase Attorney Productivity

Time Management Tips to Increase
Law Firm Productivity and Profitability

 

It is difficult to find a profession where the old expression “time is money” is more relevant than in the practice of law.  Whether you bill by the hour or on a contingency basis, your ability to deliver quality legal work in a timely fashion is paramount to revenue generation and profitability.  Continue reading →

Practice Management

Setting Goals and Achieving Them

Setting Goals
And Achieving Them

 

The importance of setting objectives in your practice cannot be overstated. Most attorneys are so driven by urgent matters, they lose sight of the big picture. One of my clients described his situation as having a time horizon of about two days. Needless to say his frustration level was high and satisfaction with his practice was low.

If you constantly operate in a reactive mode driven by urgency, your practice will experience highly random results. I speak with many attorneys who feel their practices are

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