ABA Journal

Practice Finance

41 ABA Journal Practice Finance articles.

How law firms can gain a competitive advantage with financial intelligence

Ari Kaplan recently spoke with Rob Stote of BigHand, Michael Grupp of Bryter and Tom Obermaier of SurePoint Technologies about the recent report that the three companies commissioned to identify key trends among law firm financial leaders.

Litigation funder’s contracts leave some lawyers owing double the amount borrowed

Lawyers who received litigation funding from Pravati Capital are sometimes tripped up by contract provisions that leave them owing more than double the amount that they borrowed.

Lawyers and staffers at just 3 BigLaw firms gave more money to Trump than Biden

Lawyers and staff members at top law firms overwhelmingly favored President Joe Biden and Democratic Party organizations in campaign contributions than former President Donald Trump, according to a law professor’s analysis.

How law firms should approach collections for financial success

By many accounts, law firms got through the financial challenges of 2020 by making deep cuts to expenses. And while that strategy seems to have worked, firms have likely reduced spending as much as they can and will have to focus on other aspects of the revenue cycle to propel their recovery.

Why lawyers in practice have to be mindful of time—especially their billing time

This is as good a time as any to discuss time. As Benjamin Franklin said, “Remember that time is money”—but I won’t waste any time discussing his kites. What does time mean to lawyers? Billable hours.

How do firms benefit from hiring a CFO?

It’s a well-worn cliché that lawyers are lousy businesspeople. As a result, many of the larger firms have already turned to financial specialists to help. More than 70% of Am Law 200 firms and over 85% of Am Law 100 firms employ a chief financial officer. The larger the firm’s revenue, the more likely it is to hire a CFO. But what about small firms or solo practices?

50 startup tips to get your practice off the ground

For many, being your own boss is the ultimate dream. But the idea of hanging up your own shingle can be scary and confusing, while others might not know where to start. The ABA Journal asked lawyers, legal professionals, marketers, consultants and other experts what to keep in mind when starting your own practice.

Solo practitioners saw steeper revenue declines amid COVID-19, new report finds

Solo practitioners had a harder time weathering the initial economic impacts of the COVID-19 pandemic than others in the legal industry, according to a new report that cloud-based company Clio released on Tuesday.

These 7 larger law firms got the $10M maximum in coronavirus pandemic loans

When the government offered forgivable loans to keep businesses afloat and workers on the payroll during the novel coronavirus pandemic, dozens of larger law firms received the money.

As worst-case scenarios for law firms fail to materialize, some trends emerge, new report says

With better-than-expected results for 2020, some law firms are prepaying expenses for 2021 and considering how lessons learned from the COVID-19 pandemic will apply in the coming year, according to a 2021 client advisory by Citi Private Bank and Hildebrandt Consulting.

Since the pandemic started, contract review software providers have raked in millions in funding

Law school debt is delaying plans for recent grads

Some new attorneys delay buying a home or a new car. Others reluctantly postpone marriage and having children while altering the career plans they had going into law school. These are among the personal and professional sacrifices young lawyers often make due to their sizable student loan debt.

Assistant GC and firm partner discuss the future of client collaboration

Ari Kaplan recently spoke with Megan O'Flynn, an assistant general counsel at the International Swaps and Derivatives Association, and Doug Donahue, a partner in the finance practice at Linklaters in New York City, about ISDA Create—a collaboration between the ISDA and Linklaters.

As its workforce shrinks, this BigLaw firm restores salaries and reorganizes

Bryan Cave Leighton Paisner has cut 4% of its global workforce and reorganized practice groups since undertaking a strategic review last year.

6 key numbers that can diagnose the financial health of your law practice

Do you know how many billable hours you can devote to a new case? Or whether you need to add another attorney to your firm? Can you afford to take time off from your practice, and if so, how much? If you're one of the lawyers who is kept up at night with worries about your firm's finances, you are not alone.

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