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ClioWebinarKeep Your
Law Firm Resolutions
JoshuaLenon• LawyerinResidenceatClio• AttorneyAdmittedinNewYork•@JoshuaLenon
Agenda•NewYear’sResolutionsforBusinesses• Setting&TrackingLawFirmResolutions•Questions
NewYear’sResolutionsforBusinesses
ResolvingtoChange“Beforeworryingabouthowtochange,executiveteamsneedtofigureoutwhattochange—inparticular,whattochangefirst.”
1. Catalystfortransformation,
2. Yourfirm’sunderlyingquest,and
3. Leadershipcapabilities
#ClioWeb
CatalystforTransformationPursueValue• ImproveEfficiency• Streamliningandcostcutting
• ReinvestinginGrowth• Requiresdualfocusongrowthanddiscipline
#ClioWeb
2017LegalPractitionerSnapshot
#ClioWeb
20% 25% 30% 35% 40% 45% 50%
Solo 2to5 6to10 11to25
IfIhadmoretimeIwouldspendit:Attendingtopersonalmatters Buildingmylawfirm'sbusiness Onmorebillablework
PickYourQuest1. Globalpresence:extendingmarketreach2. Customerfocus:understandingyourcustomers’
needsandprovidingenhancedinsights3. Nimbleness:acceleratingprocessesorsimplifying
howworkgetsdone4. Innovation:incorporatingideasandapproachesfrom
freshsources,bothinternalandexterna5. Sustainability:moresociallyresponsiblein
positioningandexecution
#ClioWeb
LeadingtheWayTrapstoAvoid• Neglectingthequest• Stickingwiththewrongquest• Focusingonmultiplequests
#ClioWeb
HypotheticalFirmExample
Blackacre LLPwantstogrowtheirbusinesstoincludeanearbycity.
• Catalyst=reinvestforgrowth• Quest=Globalpresence• Leadership=developingexternalvision
#ClioWeb
Setting&TrackingLawFirmResolutions
#ClioWeb
WhatareYourLawFirmResolutions?• Increasebillablehours
• Removenon-billabledistractions• Bemoreorganized
• Gettingtodonequicker• Growmylawfirm'sbusiness
• Takeonanewpracticearea• Havemoreeffectivemarketing
• Havemorework/lifebalance• Behealthier• Travelornewhobby
#ClioWeb
SeasonalityinCaseloadByPracticeArea
#ClioWeb
IncreaseBillableHours
#ClioWeb
SetaBillableHourTarget
#ClioWeb
TargetBillingRateCostRate=Overhead/ExpectedBillableHours
InternalRate=CostRate/ExpectedRealizationRate
TargetBillingRate=InternalRate/(100%- ExpectedProfitMargin)
#ClioWeb
HypotheticalTargetBillingRateCostRate
$117=$175kOverhead/1,500ExpectedBillableHours
InternalRate$146=$117CostRate/80%RealizationRate
TargetBillingRate$183=$146InternalRate/(100%– 20%ProfitMargin)
#ClioWeb
#ClioWeb
#ClioWebSource:AltmanWeil,“CalculatingProfitability”
EasyResolution#1:TrackBillableHourTargetsinClio
#ClioWeb
#ClioWeb
BeMoreOrganized
#ClioWeb
WhereDoYouSpendYourTime?
Business development
Officeadministration
16% 15%
11%
6%Collections
Configuringtechnology
Generating andsending bills
Licensing andcontinuing education
16%
33%
Administrative tasks48%
#ClioWeb
WithoutPracticeManagement WithPracticeManagement
Client/ConflictManagementManuallytrackedSolutionsusedinclude:email,spreadsheets,andpaperfiles
Automated
Scheduling Manuallybyelectronicorpapercalendars Automated
TimeTracking • Manuallytracked• Standalonetimetrackingtoolused Automated
Billing
• Manualdataentryofclientandtimeinformation
• Standalonebillingtoolforgenerationofinvoices
Automated
AccountReconciliation ManualreconciliationSolutionsinclude:spreadsheetsordedicatedaccountingtool Automated
MatterManagement
• Paperfilesmaintainedonsite• Paperfilesmaintainedbyphysicalstorage
provider• Documentsstoredonattorneydesktopsorin
sharedfolder
Centrallymanagedwithinpracticemanagement,integratedwithclientandbillingdata
Collaboration Byemailorpaperdocuments• Internallywithinpracticemanagement• Externallyviaportalsmanagedbypractice
management
Remote Access VPN,remotedesktop,orremoteemailclient Directlyviapracticemanagement
Source:BuildingaBusinessCaseforLawPracticeManagement,BlueHillResearch #ClioWeb
TimeSavingsinClio• Reductionintimespentfindinginformation(centralizedinformation)• Reductionintimespentgeneratingbills• Increaseinourfirm’sproductivity• Reductionofoutstandinginvoices
#ClioWeb
ReductioninTimeSpentFindingInformation
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EasyResolution#2:DownloadClio’sMobileApp
#ClioWeb
EasyResolution#3:UseClioforGmailExtension
#ClioWeb
AdvancedResolution#1:CustomizeClio
#ClioWeb
CustomFields
#ClioWeb
CustomFields
#ClioWeb
TypesofCustomFieldsinClio1. Checkbox2. ContactSelect3. Date4. EmailAddress5. Integer6. MatterSelect
7. Money8. Picklists9. Text(Multi-Line)10. Text(One-Line)11. Time12. WebAddress
#ClioWeb
CustomFieldsforMatters&Contacts
#ClioWeb
CustomFieldSets
#ClioWeb
CustomizingClioTimeEntries TaskLists
#ClioWeb
ReductionInTimeSpentGeneratingBills
#ClioWeb
EasyResolution#4:SwitchtoNewClio
#ClioWeb
ColumnCustomizations
#ClioWeb
BulkBillGeneration&Payment
#ClioWeb
IncreaseInYourFirm’sProductivity
#ClioWeb
EasyResolution#5:BuildDocumentTemplates
#ClioWeb
AdvancedResolution#2:Clio’sAdvancedTaskReport
#ClioWeb
ReductionOfOutstandingInvoices
#ClioWeb
SimpleResolution#6:AvoidLock-UpDays
#ClioWebSource:PWC’sLawFirmSurvey2017
EasyResolution#7:AcceptCreditCards
#ClioWeb
ClioPayments• Firmsacceptingcreditscardswerepaid40%faster• BuiltintoClioBoutiqueandElite• Noextrafees
#ClioWeb
AdvancedResolution#3:UseTrustAccountstoImproveRealization
#ClioWeb
GrowMyLawFirm'sBusiness
#ClioWeb
EasyResolution#8:AskforBusiness
Upto85%oftheaveragelawfirm’sbusinesscomesfromreferrals.
#ClioWeb
AdvancedResolution#4:CalculateROIfromAdvertising• Lessthan10%oflawfirmssurveyedcouldcalculatetheirreturnonmarketingspend• ReturnonInvestmentis:• (Return– Investment)
Investment• Respondentsexpected3:1orgreaterthan5:1ROIontheirmarketingspend
#ClioWeb
UseClio’sCampaignTrackertoCalculateMarketingROI
#ClioWeb
HaveMoreWork/LifeBalance
#ClioWeb
AdvancedResolution#5:TakeaVacation
#ClioWeb
GetaCo-CounselforFree
#ClioWeb
SecureYourLawFirm
#ClioWeb
EasyResolution#9:GetSeriousonPasswords
#ClioWeb
AdvancedResolution#6:2-FactorAuthentication
#ClioWeb
2-FactorAuthentication
#ClioWeb
AdvancedResolution#7:RunYourBackup
#ClioWeb
DataEscrow
#ClioWeb
AmazonS3forDataEscrow
#ClioWeb
Conclusions
#ClioWeb
EasyLawFirmResolutionsfor20181. TrackBillableHour
Targets2. DownloadClio’sMobile
App3. UseClioforGmail
Extension4. SwitchtoNewClio5. BuildDocument
Templates
6. AvoidLock-UpDays7. AcceptCreditCards8. AskforBusiness9. GetSeriouson
Passwords
#ClioWeb
AdvancedLawFirmResolutionsfor2018
1. CustomizeClio2. Clio’sAdvancedTask
Report3. UseTrustAccountsto
ImproveRealization4. CalculateROIfrom
Marketing
5. TakeaVacation6. 2-Factor
Authentication7. RunYourBackup
#ClioWeb
