OSB Professional Liability Fund

  • Electronic Payment Processing Software for Law Firms

    June 28, 2019

    Payment by cash and paper checks is becoming a less common form of payment. Providing clients with the ability to pay electronically using a credit or debit card or an eCheck is now standard business practice. Many clients assume that a law firm will offer these types of payment options, and setting up an electronic payment system can provide for faster payments and simplify your billing process.

    by Rachel Edwards

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  • The Basics of Your Financial Statements

    March 22, 2019

    The three most important financial statements that lawyers should pay attention to are the income statement, the balance sheet, and the statement of cash flows. These reports will not only help you run a profitable law practice, they also will help you to provide current reports to your business loan officer if you plan to get a business loan.

    by Sheila Blackford

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  • Options for Getting Paid

    February 08, 2019

    Since 2016, Clio has been doing annual surveys that found that lawyers, on average, bill only 30% of their time and collect on about 85% of those billed hours. The reason for this isn’t because solo attorneys and lawyers in smaller firms are slacking off. It’s because they spend part of their workday on nonbillable work that cannot be delegated due to a lack of staff. It’s also because lawyers are not always diligent in entering their time, invoicing, and collecting on their bills.

    by Hong Dao

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  • Establishing Reasonable Fees

    January 25, 2019

    You do legal work for clients, hoping those clients will pay you an amount commensurate with that work. Is it possible to avoid the disconnect between what we think our legal services are worth and what our clients perceive as their value to them?

    by Sheila Blackford

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  • 5 Tips to Better Billing

    February 23, 2018

    If your billing rate isn't matched by your collection rate, you may have a problem with your billing. Here are five tips that can help you send out bills that get paid promptly in full.

    by Sheila Blackford

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  • Business Planning for Your Practice

    January 26, 2018

    Why your law practice needs a business plan
    The new year is a great time to create or update a business plan for your law practice. Whether you are a recent graduate, a seasoned veteran, or just new to private practice, it is never too late to set goals and identify strategies to reach those goals. You might think you don’t have time to write a lengthy business plan. You might also wonder, would your practice even benefit from the planning process? The answer is a definite yes!

    by Jennifer Meisberger

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