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By: Practice Alchemy

Latest from Practice Alchemy Blog - Page 2

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Demystifying Bookkeeping The month of February is for celebrating love, our nation’s presidents, and… demystifying bookkeeping? Maybe that last part doesn’t exactly fit into February, but in the spirit of being slightly contrarian, we wanted to share some concepts with our loyal readers that might help demystify bookkeeping. While our posts on working capital management tend to have a more serious tone, we are hoping you’ll enjoy this lighter take on bookkeeping.…
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  How do you know if your firm is being managed properly? Maybe we should take a step even further back and ask a question that surprisingly doesn’t have an easy answer … What IS law firm management? On the one hand, management seems daunting. After all, people get MBAs and large corporations have entire management structures in place. But of course, we don’t want something that heavy. On the other hand, law practice owners…
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Do you have a sense of how long it takes for your firm to complete the following tasks? Determine the correct amount to bill a client Create an invoice and send to the client Collect the money you are owed from the client If you know how long it takes, that’s a great first step. Beyond knowing how long it takes, do you know how you can improve the process? Make it more efficient? Reduce…
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Do you have a handle on all your cash accounts? How about every dollar that comes in or goes out? Are you earning any return on your excess cash? If these questions are important to you, you’ve come to the right place. In our last post, we provided an introduction to working capital management for the savvy and inquisitive law firm leader. This is the next in a series of posts meant to uncover…
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As an attorney and a leader, wouldn’t it be useful to have a tool that allows you to assess the health of your firm on a regular basis? Fortunately, accomplishing this is not as opaque as it may seem. The term “working capital” gets thrown around a lot in the business world, along with similar terms such as “working capital management” and “net working capital.” These words can be confusing to someone who’s not well…
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Today we are talking about cash. We’re talking about the profits that partners take home and what affects that metric? Because the  truth is that most of the attorneys that come to you are asking how to make more money. Sometimes they phrase it, “how do I charge a higher hourly rate? How do I get more clients?”, vast majority motivated by money. How much cash do they take home. Three Major Metrics What are…
Strategy versus tactics – it’s a very important question from a marketing perspective. What does that mean?  Almost every firm we talk with really focuses on tactics (not strategy) and they ask questions that betray that. Unfortunately, focusing on tactics first is the surest way to waste marketing dollars and efforts. What are the tactics, and why shouldn’t you start with them? A tactic is a thing you do – rather than a framework in…
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Hello, everyone, you’re on with Luke George, Marketing Specialist, Lauren Stobierski, Marketing Associate, and Ross Yellin Esq, Managing Director of Practice Alchemy. Today we’re talking about waste of time. So is marketing a waste of a law firm Partners time? If you’ve seen the slide deck on our website about wasting partner’s time great.  If you haven’t I recommend checking that out. There’s a lot of good content in there on how marketing is actually…
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If you’re a law firm, how do you know you’re not over (or under) paying for marketing? And how do you know that what you wind up paying for will actually make a difference for your firm? There are a number of common spending traps for law firms – and some don’t discover them until they’ve made the wrong choice (or not made any choice… which is choosing not to grow). Discover what spending traps…