Practice Alchemy

A topic that has recently picked up steam for us here at Practice Alchemy is the decision of which version of Intuit’s QuickBooks product to implement for your accounting system. The product you choose will have a significant impact on how your firm’s accounting processes are conducted, as well as the effectiveness of financial reporting and analysis. Having strong reporting and analysis is required for financially responsible decision making at your firm.…
COVID-19 is drastically influencing the demand for practice areas that will be able to assist in resolving issues caused by the coronavirus pandemic. Practices such as trusts and estates, bankruptcy, transactional work, internet law and health care law are expanding during the pandemic, while practice areas such as criminal law and corporate law are seeing a decline in demand. With an increase in cases, how are law firms adjusting to meet this demand? As other…
Over the past six years, I’ve had the opportunity to work with hundreds of professional services organizations spanning from consulting companies, law firms, accounting firms, medical practices, and everything in between. Despite the diversity of these clients, what strikes me, however, is how often these businesses think of themselves as unique and the basic business principles aren’t applicable to their particular brands. Law firms are particularly guilty with respect to this type of mindset, and…
This is the final post of our five-part series on working capital management. First there was a brief introduction to working capital management. Then, we talked about why cash is king. And most recently, we discussed the implications of having an efficient billing and collections process as well as a proper vendor strategy. The final piece of the working capital puzzle involves credit cards and other types of debt, which can include the following: Short-term…
The United States is home to 443,565 law firms that collectively generated $330 billion in revenues during 2019 alone. With so much money on the line and aggressive competition for similar casework, it’s surprising that some firms continue to lack structure around their clients’ different lifecycle stages, a foundation that can further optimize operational efficiency and fuel future growth. This neglect is often due to a mish-mash of business operations in place and attorneys who…
  Consider for a moment how you maintain your car. Are you the type that sticks to the recommended regular maintenance schedule, or do you only address vehicle health when given a sign such as a warning light, a weird sound, or a change in drivability? If the former, then you’ve come to appreciate that the cost of waiting to address a failed component can be far more expensive than having taken preventative measures along…
We’re now in the back half of our five-part series on working capital management. First there was a brief introduction to working capital management. Then, we talked about why cash is king. And most recently, we discussed the implications of having an efficient billing and collections process. So without further ado, we will ask again: do you have a sense of how long it takes for your firm to complete the following…