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Easy Law Practice Management Tips For Boosting Your Firm's Profits by Corey Hickman
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Easy Law Practice Management Tips For Boosting Your Firm's Profits |
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Quotes
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Allen & Overy - slap bang on their front page they get something called Insights. What's great is that when you click into this you can search by topic, by nation, by practice area and merely enter a search phrase and it will kick out all their content on that. They've made it very easy.
Skadden - on their home page they have big and bold their own "2011 Insights", an annual issue of critical legalities its clients will face inside year ahead across key areas like governance, M&A, Capital Marketplaces, Corporate Restructuring, Financial Regulation and Global Litigation to say a few.
Baker & Mckenzie - front of centre of their home page they have a large title block "one step ahead of Dodd Frank". For me though the coup de grace is that this first button top left on the home page is an issue called "Supporting your business". I?m a sucker for it! This is not the typical me language you see on website i. orite. "About Us" "Our services" "Who we are", rather it's all about you the client and your business.
What's much more, they have heaps of great, useful content and very no problem finding - they even possess a whole International negotiating handbook on their site chapter by page.
The wonderful thing is related to all this content online is what it is doing for their Google rankings - I hope they are optimising it accordingly.
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Today's plaintiff attorneys face a specialized set of financial problems, especially given the up-to-date volatile economy. Working on the contingency basis, they typically incur hefty expenses long before collecting their fee. Discovery costs, salaries, expert witness fees, advertising costs, and day-to-day operating expenses can add up quickly, making it difficult to contest with deep pocketed defense firms.
Unfortunately, the plaintiff attorney taking care of a contingency basis must loose time waiting for the case to settle before receiving payment, which will often take years. Additionally, even once the case has settled, it can take several additional months and in some cases several additional years, before payment is usually received.
There are plenty of reasons for this delay in payment. Defendants, especially large insurers, are often slow to cover. In addition, there are occasionally administrative delays that are often coupled with sluggish in the court approvals.
This is actually where law firm funding might be a lifesaver for the plaintiff personal injury attorney. There are two serious classifications of legal financing: pre-settlement funding and post-settlement funding. Pre-settlement funding is a cash advance on a case before the result settles. This is the commonest kind of law firm funding.
With a pre-settlement advance, the risk to your funding company is relatively high. Therefore, the rates are quite expensive, usually exceeding 3% each and every month. In addition, many finance companies will charge a flat upfront fee of 10%-20% of the advance.
Pre-settlement funding becomes very expensive when a case takes over a year to reconcile, as the high monthly associated with interest compounds over the course that the funds are outstanding. The amount of the advance usually will not exceed 10% of that estimated case value.
Post-settlement funding involves a finance company purchasing the fee after the outcome has settled.
Related Articles -
Law Firm, Litigation Law Firm, Family Law Litigation, thought leadership, law firms, law firm funding, post settlement funding,
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