Many law firms, regardless of size, struggle with time entry, billing and collections. All three are essential for a profitable law firm. Time entries are the bread and butter of what lawyers do for their clients; it is the law firm's only inventory. Billing is arguably the most important management process in any law firm. The true measure of the financial health of a law firm is in its collections. Billable hours without collections are meaningless. This session will address best practices for contemporaneous time entry, prompt billing and timely collections and how to maximize all three for a more profitable law firm.

Objectives:

  • Discuss the importance of establishing a time entry policy, specifically addressing the need for contemporaneous time entry and the impact it has on profitability.
  • Analyze the importance of prompt billing, alternative billing methods to increase revenues, and how to use billing as a client development and relations tool.
  • Discuss the need for loss prevention-oriented procedures for maximizing collections, specifically, review of firm engagement/retainer letters
  • Explain the impact of billing and collection write-offs on profitability.

Audience Statement: This session assumes that participants have a working knowledge of financial management methods, billing methods and collection processes in a legal environment. 

Frederick J. Esposito, Jr., MBA, CLM, is Chief Operating Officer of the regional law firm Rivkin Radler LLP, and has more than 25 years of law and accounting firm experience. He is a frequent speaker and author of articles on a wide-range of topics, including alternative fee arrangements and law firm profitability models. In December 2016, he became a Faculty Advisor for the Nassau County Bar Academy of Law, in June 2013, he was inducted into the National Speakers Association and in 2012 was named Long Island Business News' CFO of the Year. He is the only Certified Legal Manager on Long Island.

Other Info:

  • 60 Minutes
  • Audience: Intermediate
  • CLM App Management Category -FS: Financial Management
  • CLE: Law Practice Management

 

Seminar Information
Date Presented:
November 08, 2018 3:00 PM Eastern
Length:
1 hour
ALA Member Price:
$109.00
Non-Member Price:
$129.00
Where Did the Time Go: Time Entry, Billing and Collection Solutions
Individual topic purchase: Selected
Association of Legal Administrators
CLMSM Recertification Credit: 1.00
For other credit opportunities, please check the program description or email certification@alanet.org
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On-Demand
ALA Member Price:$109.00
Non-Member Price:$129.00