Blog | TimeSolv

Effective budgeting with TimeSolv

Squeezing coins to represent a budget

Effective budgeting is essential to any successful business, including your law practice. Operating without a budget is like setting out on a trip with no GPS…not even a map. You may know where you want to go, but you have no idea how to get there. So, you may ultimately never arrive at your desired…

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How to measure your law firm profits

Growing stack of coins

The general definition of profit is bringing in more revenue than you are spending on your expenses. If you earn enough funds to cover all of your expenses, with a little extra, your practice is turning a profit. But there is much more to the proper analysis of profits. A simple dollar amount does not…

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Turning speeches into clients

Large meeting hall with a speaker

Lawyers and speeches go hand-in-hand. Not only do you give compelling closing statements in the courtroom, but you are also called upon by the community to run for public office, give speeches, and lead discussions on various legal and political subjects. For some attorneys, public speaking is an integral part of their practices. They consistently…

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Tip of the Week: How to make a simple matter budget

Can you raise your right hand and swear that you have a budget for every matter you work on? Do you know within reason exactly how much time or fees it will take to satisfy your client? Or, what if you’ve negotiated a certain cap with a client so the invoice will never go over…

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So, You’re Outgrowing Your Solo Practice – Part 3

Welcome to the final post of this three-part series on making the transition from solo practice to a small firm. We have discussed the decision to expand your firm, funding your growth, and how to find the best administrative assistance. Now, you’re ready to bring on a new attorney or two. This can be an…

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So, you’re outgrowing your solo practice – part 2

In the first segment of this topic, we discussed some food for thought when deciding whether to make the leap from solo law practice to small firm.  In this next segment, we are discussing funding options for your expansion and how to choose administrative staff members that successfully meet your needs.   Expansion Requires Money…

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So, you’re outgrowing your solo practice – part 1

There comes a time in every successful solo entrepreneurship when opportunity outgrows capability, and the thriving solo law firm is no different. When the phone starts ringing off the hook and you have more clients than you can effectively handle, you know the time has come to make some serious decisions about the direction and…

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Tip of the Week: Document Automation

Do you wish you could replace the tiresome task of manually assembling repetitive documents with a document automation system? Here’s a guide on how you can easily auto-insert client and matter information to letters you send out frequently.   Step One: Create Document Template Firstly, click on Documents>Settings>Merge Fields tab. A list of available merge…

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Tip of the Week: Different types of contacts

Managing your client contacts is an important function within TimeSolv to ensure the right person is receiving your invoice. Let’s use today’s Tip of the Week to look more closely at your options when associating contacts with clients and matters.   Creating a New Contact for a Client or Matter This is probably the most…

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How to break up with legalese

Whereas, the party of the first part (referred heretofore as “Attorney”) shall consistently scribe all correspondence of legal significance with language therein that shall cause the party of the second part (referred heretofore as “Reader”) considerable and perpetual lack of comprehension in regards to the aforementioned legal instruments. First of all, huh? Second of all,…

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Effectively managing promotion and prevention-focused employees

When managing your practice employees, it can be extremely useful to recognize what drives their most effective performance.  According to the concept of  “Promotion or Prevention,” there are essentially two types of employees within your law office. The individual who focuses on the possibility of promotion and the person who works to prevent the negative…

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