This week's key insight is the simplicity of basic law firm economics: 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙢𝙞𝙣𝙪𝙨 𝙤𝙫𝙚𝙧𝙝𝙚𝙖𝙙 𝙚𝙦𝙪𝙖𝙡𝙨 𝙥𝙧𝙤𝙛𝙞𝙩 Let's start to dive into overhead. First, I like to calculate overhead as a percentage of revenue because this creates context. Overhead of $200,000/year doesn't both you much if your revenue is $1,000,000/year. But it bothers you a lot if your revenue is $250,000/year. #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators (ALA), Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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The secret to understanding law firm finance is: Revenue minus overhead equals profit Don't worry about anything else until you have mastered this one. #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators, Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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The ten biggest barriers to change in a midsize law firm: #𝟯: 𝗖𝗼𝘀𝘁 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀: Implementing change often requires significant investment, and cost concerns can be a major barrier, especially for firms with limited resources. #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators (ALA), Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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The ten biggest barriers to change in a midsize law firm: #𝟳: 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲: Rigid hierarchies and departmental silos can hinder communication and collaboration, making it difficult to effect widespread change. #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators (ALA), Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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Hey midsize law firms, how much better would your bottom line be if your combined rate of utilization, realization and collection was 90% and your overhead as a percentage of revenue was 25% or less? The best firms achieve that level of efficiency. What's stopping you? #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators (ALA), Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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Hello Legal Community! I invite you to engage and share this opportunity with your networks! Your support in spreading the word is greatly appreciated. Are you equipped to navigate California's complex legal landscape? Discover the power of CEB’s OnLaw Pro plus Practitioner—your go-to resource for mastering California law. From streamlining research to expanding your expertise, CEB helps legal professionals achieve exceptional outcomes, every time. ⚖️ Save time with quick access to California-specific legal research, guidance, and tools. ⚖️ Work smarter with integrated forms, checklists, and sample documents that make drafting easier. ⚖️ Increase efficiency by accessing step-by-step workflows for unfamiliar practice areas. ⚖️ Stay compliant with continuous updates on new legislation and regulatory changes. ⚖️ Enhance client outcomes by leveraging expert insights from top California judges and attorneys. Ready to experience the difference? Start your free trial today and see how CEB’s Practitioner can elevate your legal practice. Get started here 👉 https://gag.gl/MQBB6G #CaliforniaLaw #LegalResearch #LegalTech #InHouseCounsel #Lawyers #SmallLaw #LawFirmGrowth #LegalPractice #CEB #CAlaw
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Are you equipped to navigate California's complex legal landscape? Discover the power of CEB’s OnLaw Pro plus Practitioner—your go-to resource for mastering California law. From streamlining research to expanding your expertise, CEB helps legal professionals achieve exceptional outcomes, every time. ⚖️ Save time with quick access to California-specific legal research, guidance, and tools. ⚖️ Work smarter with integrated forms, checklists, and sample documents that make drafting easier. ⚖️ Increase efficiency by accessing step-by-step workflows for unfamiliar practice areas. ⚖️ Stay compliant with continuous updates on new legislation and regulatory changes. ⚖️ Enhance client outcomes by leveraging expert insights from top California judges and attorneys. Ready to experience the difference? Start your free trial today and see how CEB’s Practitioner can elevate your legal practice. Get started here 👉 https://lnkd.in/gfyumMuw #CaliforniaLaw #LegalResearch #LegalTech #InHouseCounsel #Lawyers #SmallLaw #LawFirmGrowth #LegalPractice #CEB #CAlaw
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Are you equipped to navigate California's complex legal landscape? Discover the power of CEB’s OnLaw Pro plus Practitioner—your go-to resource for mastering California law. From streamlining research to expanding your expertise, CEB helps legal professionals achieve exceptional outcomes, every time. ⚖️ Save time with quick access to California-specific legal research, guidance, and tools. ⚖️ Work smarter with integrated forms, checklists, and sample documents that make drafting easier. ⚖️ Increase efficiency by accessing step-by-step workflows for unfamiliar practice areas. ⚖️ Stay compliant with continuous updates on new legislation and regulatory changes. ⚖️ Enhance client outcomes by leveraging expert insights from top California judges and attorneys. Ready to experience the difference? Start your free trial today and see how CEB’s Practitioner can elevate your legal practice. Get started here 👉 https://gag.gl/MQBB6G #CaliforniaLaw #LegalResearch #LegalTech #InHouseCounsel #Lawyers #SmallLaw #LawFirmGrowth #LegalPractice #CEB #CAlaw
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Are you equipped to navigate California's complex legal landscape? Discover the power of CEB’s OnLaw Pro plus Practitioner—your go-to resource for mastering California law. From streamlining research to expanding your expertise, CEB helps legal professionals achieve exceptional outcomes, every time. ⚖️ Save time with quick access to California-specific legal research, guidance, and tools. ⚖️ Work smarter with integrated forms, checklists, and sample documents that make drafting easier. ⚖️ Increase efficiency by accessing step-by-step workflows for unfamiliar practice areas. ⚖️ Stay compliant with continuous updates on new legislation and regulatory changes. ⚖️ Enhance client outcomes by leveraging expert insights from top California judges and attorneys. Ready to experience the difference? Start your free trial today and see how CEB’s Practitioner can elevate your legal practice. Get started here 👉 https://gag.gl/MQBB6G #CaliforniaLaw #LegalResearch #LegalTech #InHouseCounsel #Lawyers #SmallLaw #LawFirmGrowth #LegalPractice #CEB #CAlaw
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The ten biggest barriers to change in a midsize law firm: #𝟱: 𝗥𝗶𝘀𝗸 𝗔𝘃𝗲𝗿𝘀𝗶𝗼𝗻: Law firms, by nature, tend to be risk-averse, which can inhibit the adoption of new practices or technologies that are perceived as untested or risky. #legaltech #lawfirm #legaltechnology #legalservices #legalinnovation Association of Legal Administrators (ALA), Association of Legal Administrators, New York City Chapter, Golden Gate Chapter, Association of Legal Administrators, Association of Legal Administrators - Boston Chapter, Association of Legal Administrators, Jacksonville, Association of Legal Administrators, Nutmeg Chapter, Association of Legal Administrators Mexico Chapter, ALA Capital Chapter, ALA Houston Chapter, ALA Chicago
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Are you equipped to navigate California's complex legal landscape? Discover the power of CEB’s OnLaw Pro plus Practitioner—your go-to resource for mastering California law. From streamlining research to expanding your expertise, CEB helps legal professionals achieve exceptional outcomes, every time. ⚖️ Save time with quick access to California-specific legal research, guidance, and tools. ⚖️ Work smarter with integrated forms, checklists, and sample documents that make drafting easier. ⚖️ Increase efficiency by accessing step-by-step workflows for unfamiliar practice areas. ⚖️ Stay compliant with continuous updates on new legislation and regulatory changes. ⚖️ Enhance client outcomes by leveraging expert insights from top California judges and attorneys. Ready to experience the difference? Start your free trial today and see how CEB’s Practitioner can elevate your legal practice. Get started here 👉 https://gag.gl/MQBB6G #CaliforniaLaw #LegalResearch #LegalTech #InHouseCounsel #Lawyers #SmallLaw #LawFirmGrowth #LegalPractice #CEB #CAlaw
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