Too many lawyers have the misconception that flat fees are only appropriate for small, simple matters such as basic wills and trusts or entity formation. There is, however, a much broader range of work where flat fees are appropriate. Flat fees should be considered when one of the following factors is present: The value […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1191080753.jpg17072560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-04-14 11:54:142021-08-09 21:28:40Why You Might Want to Consider Charging a Flat Fee
On March 10, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility published Formal Opinion 498 permitting the virtual practice of law. A year into pandemic shutdowns which included the widespread closure of courts and law offices, this is unsurprising. With much of the industry forced to practice remotely during this period, it’s […]
According to a report from Clio entitled “Legal Trends for Solo Law Firms,” revenues for solo law practices fell by 5-7% more than those of larger firms at the start of the pandemic (April-June 2020). In covering the report, ABA Journal fails to recognize the limitations of solo practices more broadly. Even in the best […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1160000498.jpg14402560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-03-24 08:15:412021-03-23 08:49:06The Most Important Business Development Strategy for Solo Practitioners
Thomson Reuters’ Peer Monitor Index, issued earlier this month, draws attention to the root of the strong profit growth with which law firms ended a turbulent year. With some practice areas, including corporate and tax work (as well as bankruptcy) experiencing around 4% growth or more, reduced demand in areas like litigation was partially offset. […]
https://rainmakingforlawyers.com/wp-content/uploads/Peer-Monitor-Index_image.png13982022Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-02-17 10:15:182021-02-17 10:15:18Law Firm Cost Cutting Led to Greater Profitability in 2020, But That’s Not a Sustainable Business Development Strategy
Traditionally, consumer-facing law firms have paid much more attention to online reviews on places like Yelp and Avvo than their B2B counterparts. But even firms that cater to businesses should be thinking about their searchability online. Potential clients may not be looking for directions to your office right now, but they are still using Google […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-477876042.jpg17082560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-02-11 14:51:512021-02-11 14:51:51Avoid Leaving Money on the Table With Google’s Business Directory
Clients are less likely to pay their lawyers toward the end of a representation. This is especially true for hourly work and those situations where the client has already paid enough to feel justified in stopping payment. For attorneys, the risks of non-payment are especially pronounced when a representation approaches a game-changing event, such as […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-476987030.jpg25602560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-02-03 08:19:142021-02-03 08:19:14How to Avoid Getting Stiffed by Clients at the End of a Representation
On January 13, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility issued guidance for responding (or refraining from responding) to negative online comments and reviews. The core of the issue is the matter of confidentiality, with the Committee making clear that lawyers may not disclose any information that “could reasonably lead to […]
The 2021 Report on the State of the Legal Market, published by Thomson Reuters and Georgetown Law’s Center on Ethics and the Legal Profession, suggests that 2020 may over time be seen as a “tipping point” for the legal services industry. The authors reference Malcolm Gladwell as they adopt the term, explaining that this phrase […]
https://rainmakingforlawyers.com/wp-content/uploads/2021-State-of-the-Legal-Market_image.png7791418Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-01-20 09:00:222021-01-19 20:20:49The Outlook for Small, Large, and Mid-Sized Firms After 2020
Managing partners and other law firm leaders can be reluctant to allow junior lawyers to discuss fees with potential clients. One of the recurring concerns is that the associate might commit the firm to fees that are too low. And some firms are gun shy about discussing hourly rates because of what those figures might […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1137360522.jpg17072560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-01-13 11:14:452021-01-13 11:14:45Train Your Lawyers to Discuss Fees
If you want to increase law firm profitability, you have to track it relentlessly and share the results of your analysis widely. Although profits-per-partner has become a widely known metric for large law firms, most smaller firms don’t track profits assiduously. There is a world of difference between having your accountant calculate profits at […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-869155894.jpg19022560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-01-06 08:16:362021-01-06 08:16:36The Best Way for Law Firms to Increase Their Profitability in 2021
Why You Might Want to Consider Charging a Flat Fee
/0 Comments/in Billing /by Gideon GrunfeldToo many lawyers have the misconception that flat fees are only appropriate for small, simple matters such as basic wills and trusts or entity formation. There is, however, a much broader range of work where flat fees are appropriate. Flat fees should be considered when one of the following factors is present: The value […]
ABA Ethics Committee Provides Tech Guidelines for Practicing Remotely
/0 Comments/in Ethics /by Gideon GrunfeldOn March 10, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility published Formal Opinion 498 permitting the virtual practice of law. A year into pandemic shutdowns which included the widespread closure of courts and law offices, this is unsurprising. With much of the industry forced to practice remotely during this period, it’s […]
The Most Important Business Development Strategy for Solo Practitioners
/0 Comments/in Law Firm Management, Legal Industry /by Gideon GrunfeldAccording to a report from Clio entitled “Legal Trends for Solo Law Firms,” revenues for solo law practices fell by 5-7% more than those of larger firms at the start of the pandemic (April-June 2020). In covering the report, ABA Journal fails to recognize the limitations of solo practices more broadly. Even in the best […]
Law Firm Cost Cutting Led to Greater Profitability in 2020, But That’s Not a Sustainable Business Development Strategy
/0 Comments/in Legal Industry /by Gideon GrunfeldThomson Reuters’ Peer Monitor Index, issued earlier this month, draws attention to the root of the strong profit growth with which law firms ended a turbulent year. With some practice areas, including corporate and tax work (as well as bankruptcy) experiencing around 4% growth or more, reduced demand in areas like litigation was partially offset. […]
Avoid Leaving Money on the Table With Google’s Business Directory
/0 Comments/in Marketing /by Gideon GrunfeldTraditionally, consumer-facing law firms have paid much more attention to online reviews on places like Yelp and Avvo than their B2B counterparts. But even firms that cater to businesses should be thinking about their searchability online. Potential clients may not be looking for directions to your office right now, but they are still using Google […]
How to Avoid Getting Stiffed by Clients at the End of a Representation
/0 Comments/in Billing /by Gideon GrunfeldClients are less likely to pay their lawyers toward the end of a representation. This is especially true for hourly work and those situations where the client has already paid enough to feel justified in stopping payment. For attorneys, the risks of non-payment are especially pronounced when a representation approaches a game-changing event, such as […]
ABA Ethics Committee Issues Guidance for Online Reviews
/0 Comments/in Client Relations /by Gideon GrunfeldOn January 13, the American Bar Association’s Standing Committee on Ethics and Professional Responsibility issued guidance for responding (or refraining from responding) to negative online comments and reviews. The core of the issue is the matter of confidentiality, with the Committee making clear that lawyers may not disclose any information that “could reasonably lead to […]
The Outlook for Small, Large, and Mid-Sized Firms After 2020
/0 Comments/in Legal Industry /by Gideon GrunfeldThe 2021 Report on the State of the Legal Market, published by Thomson Reuters and Georgetown Law’s Center on Ethics and the Legal Profession, suggests that 2020 may over time be seen as a “tipping point” for the legal services industry. The authors reference Malcolm Gladwell as they adopt the term, explaining that this phrase […]
Train Your Lawyers to Discuss Fees
/0 Comments/in Communications, Law Firm Management /by Gideon GrunfeldManaging partners and other law firm leaders can be reluctant to allow junior lawyers to discuss fees with potential clients. One of the recurring concerns is that the associate might commit the firm to fees that are too low. And some firms are gun shy about discussing hourly rates because of what those figures might […]
The Best Way for Law Firms to Increase Their Profitability in 2021
/0 Comments/in Law Firm Management /by Gideon GrunfeldIf you want to increase law firm profitability, you have to track it relentlessly and share the results of your analysis widely. Although profits-per-partner has become a widely known metric for large law firms, most smaller firms don’t track profits assiduously. There is a world of difference between having your accountant calculate profits at […]