Improve Your Firm's Financial Performance

This month's issue of Law Practice Magazine is all about finance. If you're looking for some tips on how to improve your firm's financial performance, this month's issue can help.

For example, check out this article from Peter Roberts on starting a financial relationship with your client, in which Roberts shows you how a few minor tweaks in the way you package your fee agreement can make all the difference in the world to your clients.

If your financials aren't in the best shape, you might be interested in Jessica McKeegan Jensen's article on Pristine Financials, which will show you exactly what you need to know to get your financials in shape, and help you properly categorize income and expenses so that you get a better picture of exactly what's happening with your firm's money and what it means so that you can make improvements.

Once your financials are in shape, it might be time to review your malpractice insurance policy. Thomas Watson and Reid Trautz show you what to look for in your policy, what to consider when completing your application, and provide some tips on preventing claims by instituting good risk management policies. Having the incorrect malpractice coverage could cost you money - in more ways than one - so be sure to read through their article.

Need a loan? Sylvia See's article, "A Lawyer's Guide to Business Credit" tells you what bankers think when they're considering offering loans to law firms and what you can do to improve your chances of getting a loan when you need it.

Eric Seeger's article, "2014: Law Firms In Transition" looks at Altman Weil's Law Firms in Transition survey and lets lawyers know what they should be considering in the areas of change, staffing, pricing, and leadership going forward.

This month's magazine also contains regular columns on the Law Practice Division's four core areas, marketing, management, technology, finance and more. Don't miss my Simple Steps column on Improving Client Communications. After all, nothing impacts your bottom line more than having a good relationship with your clients.