Issue link: https://epubs.iltanet.org/i/30285
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 adopt business practices that proactively protect them from clients who can’t or won’t pay for services rendered. 12 WHITHER TIME ENTRY? (OF DINOSAURS AND BUGGY WHIPS) by Norm Mullock and Eldean Ward of IntApp New challenges like lawyer mobility, alternative fee arrangements and more stringent client demands have made the search for the perfect set of policies, procedures and tools to help attorneys record their time a seemingly never-ending task. The legal industry has an unprecedented opportunity to move beyond a decades-old approach to electronic time entry to something more evolved and intelligent. Explore the future of automated time-capture, including driving factors, challenges and benefits. 20 MODERN COST RECOVERY: OFFERING BENEFITS BEYOND CHARGEBACK by Chris Wyszkowski of Equitrac Corporation Changes in the way documents are processed require firms to take a fresh look at how they view cost recovery. The ability to control, track and report on prints, copies, scans and faxes can be a vital component for accurate and fair client billing, sound financial management and enhanced law firm productivity. 26 ONLINE EXPENSE MANAGEMENT: THE REINVENTION OF A CRITICAL BUSINESS PROCESS by Alan Rich of Chrome River Technologies, Inc. One reason a number of firms have abstained from the automation of expense reporting and reimbursement www.iltanet.org Financial Management 5 is due to skepticism that these new processes will offer a return on investment. However, firms of all sizes are realizing savings with the implementation of online expense management systems. 30 BRINGING IT AND KM VALUE TO AFAs by Toby Brown of Fulbright & Jaworski, L.L.P. With the Great Recession generally behind us, alternative fee arrangements (AFAs) not only persist, they are expanding in certain markets. How should firms determine which AFA to use, and how much should the fees be for specific matters and tasks? Following “best practices” and utilizing IT and KM resources, firms are finding success in the implementation of AFAs. 36 UTILIZING BUSINESS INTELLIGENCE WITHIN THE LEGAL ENVIRONMENT Business intelligence (BI) has been found to help cut costs, create best practices, improve decision making and identify new business opportunities. As law firms are determining whether to implement a BI solution, we’ve asked several industry experts to lend their insight into how firms can leverage the capabilities of this software. 42 SETTING PERFORMANCE MEASUREMENTS FOR SUCCESSFUL BI by Steven J. Campbell of Dykema Once your firm has a business intelligence (BI) solution in place, it’s important to set a comprehensive business performance measurement (BPM) system that sets benchmarks for how the firm will achieve breakthrough results in various operational areas. Learn how to determine and establish effective performance measurements, and see how your BPM solution can factor into improved firm profits. IS