+ILTA White Papers: Financial Management
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This issue has 52 pages and 14 articles
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“ Cover”
Financial Management A Slice of the Finance Pie ILTA White Paper April 2011 ILLUSTRATION BY THOMAS BOUCHER, ALL RIGHTS RESERVED rev- rev-e la tion –noun 1. the momentum that will move us into a new era –– a time of renewed vigor and creativity; a time to look ahead with newfound knowledge and dev...
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“ In This Issue” (page 3)
In This Issue 6 A LAW FIRM A BUSINESS: ESTABLISHING A COMPREHENSIVE COLLECTIONS POLICY by Steve Odum of Bricker & Eckler LLP Though handshake deals were once sufficient to secure payment for services, in today’s market it’s prudent to have an effective credit and collections policy. Firms need to...
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“ A Law Firm Is a Business: Establishing a Comprehensive Collections Policy” (page 4)
STEVE ODUM BRICKER & ECKLER LLP Establishing a Comprehensive Collections Policy S 6 lowly but surely, law firms are adopting the practices of the business world, including the collections process. Though handshake deals were once sufficient to secure payment for services, in today’s market it’s p...
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“ Whither Time Entry? (Of Dinosaurs and Buggy Whips)” (page 10)
NORM MULLOCK AND ELDEAN WARD INTAPP Whither Time Entry? (Of Dinosaurs and Buggy Whips) I 12 n the beginning, the business side of being a lawyer only required a pen, some paper, an envelope and some postage. “For services rendered” was a sufficient billing narrative. And it was good…for a time. E...
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“ The Madness of Manual Time Entry” (page 16)
opportunity. Datamarting strategies whereby aggregate information is stored with identifying details obfuscated (e.g., client names) is another option. THE COMING EXTINCTION OF THE “TIME ENTRY” DINOSAURS There is a rising chorus (and an abundance of marketing literature) talking about this buildi...
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“ Modern Cost Recovery: Offering Benefits Beyond Chargeback” (page 18)
CHRIS WYSZKOWSKI EQUITRAC CORPORATION Modern Cost Recovery: Offering Benefits Beyond Chargeback paid for by the client. While the intent of this practice remains intact today, changes in the way documents are processed require firms to take a fresh look at how they view cost recovery. C 20 Financ...
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“ Online Expense Management: The Reinvention of a Critical Business Process” (page 24)
ALAN RICH CHROME RIVER TECHNOLOGIES, INC. Online Expense Management: The Reinvention of a Critical Business Process I 26 n today’s economic climate, law firms are looking for opportunities to improve operational efficiencies and minimize costs. One area that can play a significant role in this co...
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“ Bringing IT and KM Value to AFAs” (page 28)
TOBY BROWN FULBRIGHT & JAWORSKI, L.L.P. Bringing IT and KM Value to AFAs A 30 lternative fee arrangements (AFAs) continue to be a hot topic in the legal market. When they first started their rise to prominence in 2008/2009, a number of lawyers suggested they would diminish in use once the Great R...
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“ Business Intelligence Leads to Successful AFAs” (page 32)
a profitability analysis component. A budget that matches scope of work and meets the client’s costs needs, but will be unprofitable for a firm, will become a problem over time, especially if it is utilized as a template. So profitability analysis must be embedded in the systems and processes use...
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“ Utilizing Business Intelligence Within the Legal Environment” (page 34)
ASK THE EXPERT Utilizing Business Intelligence Within the Legal Environment Josh Bignell CEO and Co-Founder BigSquare Solutions C 36 John Callahan Vice President of North America Sales ADERANT ompanies are using business intelligence (BI) software to access and analyze the raw data associated wit...
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