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Asked & Answered - How Can Profit Improvement Coaching Programs Help in These Times
You Ask - We Respond. Answers to client
questions
from the Asked and Answered Section of our web
site. We encourage our readers to use this section
as a resource.
Question of the Month
In these economic times firms must be lean,
mean, able to turn on a dime, and make and
implement decisions quickly. Profitability improvement
coaching programs can often provide the focus and
resources to help get it done. Here is a
question asked by a firm as to how they can benefit
from coaching programs and our suggestions.
Find out more....
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Greetings!
Welcome to Olmstead & Associates Law Practice
News, a law practice management resource for
practicing attorneys, managing partners,
administrators, and others that must keep updated on
all aspects of law firm management.
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| Practice Management Tips for March - Financial Red Flags |
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Reduction in fees collected by 15% or
more. Consider headcount and examine on a per
attorney/per fee earner basis.
Reduction in fees billed by 15% or
more.Consider headcount and examine on a per
attorney/per fee earner basis.
Annual billable hours less than 1500 for
attorneys and paralegals.
Declining inventory/pipeline (WIP, A/R,
New Cases)
WIP over 180 days >15%
AR over 180 days >25%
Occupancy Expense >10% revenues
Gross profit margin less than 35%
Billing realization less than 95%
Collection realization less than 97%
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| John Olmstead's Client Service Presentation in Chicago |
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On March 13th Dr. John Olmstead will be presenting
Improving Client Service Through Effective
Interpersonal Communications sponsored by the
Horton Group of Chicago. The session will be held at
the Metropolitan Club, 67th Floor, Sears Tower.
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Click here for details.. |
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| Profitability Improvement Program Coaching Sessions - Monthly Flat Fee Options In Addition to Discounted Six Month Program |
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Dr. John Olmstead is now offering a quarterly and
monthly flat fee option in addition to our
popular six month program. Contact our office as
soon as possible if you are interested in learning
more about the program. Click here to download a brochure
(Note: At times there is a waiting list as we can only
have a certain number of people in the program at one
time.)
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Read on.. |
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| Past Issues of Olmstead & Associates E-News Now Available |
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Past issues of our Law Practice Management E-News
Letters are now available. If you are a new subscriber
or have simply lost past issues - click below to access
our archieved copies.
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Click here to access archived copies... |
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| Guide to Law Firm Management Best Practices |
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