Wednesday, November 05, 2008

Law Firm Lay-Off List

The American Lawyer publishes a updated list of AmLaw 100 and AmLaw 200 law firms that have announced partner, associate, and/or staff lay-offs. Read the article.

Tuesday, November 04, 2008

Profitability Pain Pinches Partner Pockets

Dewey & LeBoeuf LLP halted profit payments to partners in August, according to an article today in Law360. The move was a proactive step to protect cash balances in the face of financial uncertainty.

Eversheds LLP took a similar step recently, according to Law360, by suspending profit payments due in November and February.

Collections, realization and cash flow management are certainly issues facing many law firms in today's economic slowdown. Financial hardships serve as a tough reminder that finding the ideal client from a business development perspective includes the need to assess their ability to pay. A vigilant approach to accounts receivable is an important corollary.

When good clients slow down the payment cycle, law firms can view it as an opportunity to tighten the client relations team around innovative billing and/or collections practices that meet the needs of both parties.

Monday, November 03, 2008

Lawyers who Twitter

Do you Twitter? Hundreds of lawyers do. In fact, almost 400 attorneys who Twitter are listed in a September 9, 2008 blog post by Adrian Lurssen on JDSupra.

Twitter is a "social networking" site that invites followers to post information on where they are and what they are doing throughout the day. It's a free service and easy to set up an account.

Here are some tips on using Twitter from Steve Mulder:

There seem to be pros and cons for attorneys. On the positive side, social networking is a good way to increase your visibility and draw attention to your legal practice. On the negative side, you may not want your clients to see you chatting up your schedule when you are trying to bill 8 hours a day.