The Legal Firm’s Blueprint Building a Strong Foundation for Success
Law firms in 2024 are still struggling with profit per lawyer growth. Even as demand has grown, midsize law firms alone experienced a decline of 5.4% in earnings per lawyer at the firm. With dwindling cash flow, lawyers must streamline administrative processes to find more billable hours daily.
This is possible—with the right practice management strategies.
Practice and project management for law firms: key definitions
Practice management is the operation and administration of your law firm. It focuses on everything related to the business, including finances, billing, client management, staffing, and regulatory compliance.
Project management is how your law firm handles individual legal matters or cases. This encompasses allocating staff and resources for each matter, tracking the progress to make sure all work is completed on time, and keeping an eye on costs. Establishing good project management is a key element of practice management.
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There isn’t anything I don’t like. Easier timekeeping and keeps the books straight because they have to match up…we switched because it includes bookkeeping and timekeeping in one program.
Rebecca Norton | On Point Legal, Louisiana
We needed to find an alternative solution to PCLaw, as we were moving to a cloud-based system. It appeared the employees at CosmoLex had more experience in migrating the data from PCLaw to CosmoLex.
Andrea C. Kryszak | Kryszak & Associates, Co., LPA
Using a third-party platform for accounting didn’t make sense anymore…conflict check approach is good and I like the ability to handle my accounting within the case management software.
