When you are responsible for managing a law office for either a small practice or a large firm, you have to stay in control of a lot of moving pieces at all times. Even if a practice provides its clients with outstanding legal counsel, poor management could significantly undermine profitability while also exposing counsel to serious professional liability. Here are some essential considerations about effectively managing a law practice.
Why Does My Practice Need Professional Services Insurance?
Lawyers owe their clients an extremely high duty of professional care. Even when lawyers give clients good legal advice and use their best efforts to represent clients’ interests, mistakes are well within the scope of foreseeability. Moreover, clients may unfairly blame counsel when things do not ultimately go their way. Having professional services insurance equips lawyers to address claims initiated by clients.
How Would I Manage My Law Office to Enhance Efficiency?
Law firms are often all about billable hours. Their profitability depends on being able to make the most out of associates’ times. However, unreasonable demands on the schedule of a lawyer or supporting staff could easily lead to problems with performance or burnout. Practice managers should be attentive to expectations about staff time in order to optimize efficiency while also avoiding errors and omissions.
Although staff may find it tedious, breaking down blocks of a schedule into small increments can help lawyers use their workdays strategically and potentially spare them from working longer than necessary. Also, billable increments as small as one sixth of an hour give clients a detailed account of what fees are going towards and can prevent billing disputes.
What Is Effective Law Practice Management When Lawyers Work Remotely?
A growing number of attorneys and their support staff are working remotely. Lawyers can conduct consultations and even attend hearings online. Management practices must adapt to meet the demands of a dynamic remote workforce.
It is particularly important that practices store and transmit clients’ information securely. IT security protocols as well as insurance that covers cyber liability can help address data security concerns. Managers should ascertain whether professional services insurance from their current carrier covers claims arising out of cyber security issues.
Practices should implement case management software programs that make it easy for counsel to access the information that they need wherever they are. These types of programs can also facilitate communication with support staff, clarify who is responsible for each piece of a representation, and prevent important items from getting lost in the shuffle.
Legal practices need excellent managerial procedures to balance the rigorous demands of the services that they provide. They must maintain full compliance with all of the rules of professional responsibility in their jurisdiction while also developing management solutions that meet their practices’ unique needs.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.