In the news: "Associate hiring and compensation are perpetually hot topics of discussion for most law firms, but what about those same issues with regard to support staff? There seem to be few hard and fast rules for determining nonlawyer compensation, according to some Pennsylvania firm leaders."

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Source: Law.Com's Daily Legal Newswire. 10 March 2010. Copyright 2009.  ALM Properties, Inc. All rights reserved. Subscribe <http://store.law.com/registration/register.asp?subscribeto=nw>.

Podcast description from the site: "In this edition of the Legal ToolKit,  host Jared Correia, Law Practice Management Advisor with Mass. LOMAP,  welcomes Terrence D. Pricher, an assistant bar counsel in the Office of Bar Counsel and Attorney James S. Bolan, a partner with the firm of Brecher, Wyner, Simons, Fox & Bolan, LLP,  to take an in-depth look at IOLTA Accounting. Jim and Terry bring very different perspectives to this discussion and will explore  IOLTA accounting and its purpose,  three-way reconciliation, the biggest IOLTA pitfalls and how to handle large sums of client funds.

Podcast: Play in new window | Download (Duration: 31:50 -- 23.0MB)

Related Podcasts

• February 2, 2010 -- Security Compliance Issues from an IT and Legal Perspective
• December 2, 2009 -- Compliance, Security & the Massachusetts Data Breach Notification Law
• November 18, 2009 -- How to Operate a Successful Solo Practice
• October 14, 2009 -- Legal Marketing for Success
• September 24, 2009 -- A Close Look at the Data Breach Notification Law: Chapter 93H"

Active links and podcast are available at the source site listed below.

Source: Legal Talk Network, 5 March 2010

In the news: "With technology, a legal department can speak with a single voice, think with a single mind, and act like a partnership even with lawyers dispersed around the world. Consultant Rees W. Morrison discusses 20 techniques that increase coherence and effectiveness in a spread-out department."

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Source: Law.Com's Daily Legal Newswire. 10 March 2010. Copyright 2009.  ALM Properties, Inc. All rights reserved. Subscribe <http://store.law.com/registration/register.asp?subscribeto=nw>.

Podcast description from the site: "Attorneys are continuously seeking answers on their quest to start a successful law practice.  In this edition of The Un-Billable Hour, host Attorney Rodney Dowell, Director of the Massachusetts Law Office Management Assistance Program, welcomes Erik Mazzone, Director of the Center for Practice Management at North Carolina Bar Association, to talk about the new rules for starting a law office. Rodney and Erik will look at financing your office, the need for bootstrapping and the importance of technology and marketing.

Special thanks to our sponsor, AbacusLaw

Podcast: Play in new window | Download (Duration: 30:26 -- 24.3MB)

Related Podcasts

• April 9, 2009 -- Software as a Service"

Active links and podcast are available at the source site listed below.

Source: Legal Talk Network, 2 March 2010

For tips on selling your practice, watch Ed Poll's YouTube video at: LawBiz Blog, 2 March 2010.

This post was written by Lisa Salazar: " Have you heard of Mint.com?

If you haven't, its an online budgeting tool that tracks your accounts, loans, investments and assets online. I have been testing it out to see how well it rides for personal use. Then I got to wondering about how it would work for a virtual law office.

Owned by Intuit, the same company that runs TurboTax, you can count on it for privacy, security and good sense (little pun there ...).

With its account notifications, transaction lists, budgeting capabilities and trending information, I think it is a natural fit..."

Continue reading this interesting post by clicking on the author's name.

Source: 3 Geeks & a Blog, 25 February 2010. Reproduced with permission of the authors.

This post was written by Jim Hassett: "...Lawyers use the term "risk collar" to refer to an hourly billing arrangement built around an estimated budget for a particular matter.  The client pays a bonus if work is completed under budget and/or gets a discount if the work goes over the budget.

Like a fee cap, this is really just a variation on hourly work, but unlike a fee cap it may align interests and offer incentives to both clients and law firms...

[Read some sample comments about using risk collars]

Here are two examples from different firms...

The actual discounts and bonuses vary widely.  See the complete report for a table with six examples of actual deals described by survey participants.

Read the full text of this interesting and informative post by clicking on the author's name.

Source: Legal Business Development, 3 March 2010 reproduced with permission of the author.

This post was written by Randall Ryder: "In this terrible economy, lots of recent (and future) graduates are considering going solo as way to practice law. I have been fortunate to work among a number of successful solo practitioners, and there are some hallmarks of success.

Willingness to do anything...

Find a support system...

Patience...

Full text and active links are available by clicking on the author's name.

Source: Lawyerist.com, 22 February 2010. © 2007-2010 Lawyerist Media, LLC. Reproduced with permission of the site editor, Sam Glover.

In the news: "Last July, Orrick, Herrington & Sutcliffe dropped lockstep compensation in favor of a performance-based system, and almost 30 Am Law 200 law firms have followed suit. But are these new tiered-pay structures just another way to cut associate pay -- without having to disclose anything?"

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Source: Law.Com's Daily Legal Newswire. 18 February 2010. Copyright 2009.  ALM Properties, Inc. All rights reserved. Subscribe <http://store.law.com/registration/register.asp?subscribeto=nw>.

Podcast description from the site: "On this debut podcast of The Landy Law Letter, host John L. Torvi, from the Herbert H. Landy Insurance Agency of Needham, Massachusetts welcomes  Dan Reed, Second Vice President of Travelers Bond & Financial Products, Professional Liability,  to help better understand how lawyers' professional liability insurance fits into your legal practice. John and Dan will discuss a firm's insurance needs, the 'classic' legal malpractice claim, negligence and what a lawyer should be looking for in professional liability insurance.

Podcast: Play in new window | Download (Duration: 20:48 -- 15.7MB)

Related Podcasts

• October 15, 2007 -- Legal Accountability"

Get active links at the source site listed below.

Source: Legal Talk Network, 10 February 2010 © 2010 · Legal Talk Network. Reproduced with permission of Scott R. Hess.