Legal Talk Network - Law News and Legal Topics

In episode 595 of the Lawyerist Podcast, we’re revisiting Stephanie’s conversation with Lawyerist financial coach Bernadette L. Harris about the financial KPIs every law firm owner should understand as a new year begins. We’re bringing this episode back because it’s especially timely for firms setting their strategy, goals, and financial benchmarks for the year ahead. It’s important to continue finding a clear, practical approach to understanding the numbers that drive a healthy firm.  Unlock a clearer view of your law firm's financial health in the latest Lawyerist Podcast. Join host Stephanie Everett as she dives into the essential key performance indicators (KPIs) that can transform how you understand your practice, guided by the expert insights of Bernadette Harris, Lawyerist Lab's finance coach.  You'll gain practical knowledge about five crucial areas that directly impact your firm's success. Understand your net profit margin like never before – not just the surface numbers, but the true profitability that informs your strategic decisions. Explore utilization rate and discover how to optimize your team's time for maximum productivity. Learn the critical importance of your realization rate and practical steps to ensure you're capturing the revenue you've earned. See how mastering AR aging can directly impact your cash flow and create financial stability. Plus, uncover the strategic advantage of understanding your revenue by practice area, empowering you to make smarter choices about your firm's financial future.  For straightforward, actionable insights into these vital financial indicators – the kind that can immediately help you manage your law firm more effectively – tune in to hear Bernadette Harris share her expertise.    Listen to our other episode with Bernadette Harris:  #457: Healthy Profits: Understanding the Story Your Numbers Tell, with Bernadette Harris Apple Podcast | Spotify |  Lawyerist  #523: Financial Red Flags: Are You Hiring Too Soon?, with Bernadette Harris Apple Podcast |  Spotify | Lawyerist  #418: More Income, Fewer Taxes, with Bernadette Harris Apple Podcast |  Spotify | Lawyerist    Have thoughts about today’s episode? Join the conversation on LinkedIn, Facebook, Instagram, and X!  If today's podcast resonates with you and you haven't read The Small Firm Roadmap Revisited yet, get the first chapter right now for free! Looking for help beyond the book? See if our coaching community is right for you.    Access more resources from Lawyerist at lawyerist.com.    Chapters:  00:00 Why We’re Remastering This Episode for the New Year02:55 Law Firm KPIs and Financial Health05:21 Net Profit Margin for Law Firms09:38 Utilization Rate and Team Capacity14:35 Realization Rate and Getting Paid20:05 Accounts Receivable and Cash Flow24:19 Revenue by Practice Area27:16 Using Financial Metrics to Set Strategy  Learn more about your ad choices. Visit megaphone.fm/adchoices

Three trends dominated this year's coverage. ----- We've made it to the end of the year! And what do we have to show for it as a profession? Our most elite law firms signed deals rather than stand up for themselves in the face of illegal Trump bullying efforts. Others quietly tried to erase their history to avoid the administration's ire. But some firms did fight back and achieved consistent success in court, while the dealmakers got heckled and derided by young lawyers. And, as anyone who has ever watched Star Wars knows, deals with authoritarians just get worse all the time. The New York Times even wrote a feature on a certain publication covering this story. We also ran headlong into a constitutional crisis marked by DOJ lawyers lying to courts -- when the DOJ even bothers to field lawyers legally -- senior government officials declaring "war" on federal judges, and judges being arrested. As right-wing threats against federal judges escalated, the Supreme Court responded with disinterest, preferring to fan the flames with nakedly partisan shadow docket rulings to grease the wheels of Trump's assault on the structure of government. And, finally, we look at the year of AI in legal. Hallucinations dominated the conversation -- from law firms and judges alike -- but this was also the year legal tech made huge bets on AI and folks started to realize that the profession can't avoid the technology. The billable hour may finally be on the decline, but does AI risk making lawyers dumber? Learn more about your ad choices. Visit megaphone.fm/adchoices

A document dump. Disappearing evidence. And a new depo the first night of trial. Despite all this, Katie pulled off a win and shares what she learned, including how to use a snowstorm to your advantage. Learn more about your ad choices. Visit megaphone.fm/adchoices

Another year gone! With 2025 rapidly bidding us adieu, Dennis, Tom, and their good pal Debbie Foster send us off with their annual Kennedy-Mighell edition of Pardon the Interruption. They argue different sides of popular tech topics in “Toss-Up”,  play legal tech Mad Libs in “What’s the Word?”, and take the temp on 2025 trends in “Hot or Not?”. And, we know the question on everyone’s minds—Can Tom keep up his yearslong winning streak? Listen in to find out.  As always, stay tuned for the parting shots, that one tip, website, or observation that you can use the second the podcast ends. Have a technology question for Dennis and Tom? Call their Tech Question Hotline at 720-441-6820 for the answers to your most burning tech questions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Let the record show, records were meant to be corrected. In this episode, we revisit something we mentioned that might not have been the full story, the role of the remote attorney and the freelance attorneys provided by LAWCLERK.  Guest Kristin Tyler is a lawyer and co-founder and chief brand officer at LAWCLERK, which supplies contract attorneys for growing, busy law firms under an arrangement where freelance attorneys work under the supervision of a client’s in-house attorneys.  From discovery to document review to deposition management, contract attorneys can manage routine tasks at rates designed to be affordable for growing firms. Why hire a part-time paralegal when you can hire an actual attorney at a comparable rate?  Whether you’re a growing firm or an attorney looking for part-time work, hear why this could be the solution you’ve been looking for.  Questions or ideas about solo and small practices? Drop us a line at [email protected].  Topics: Contract and part-time remote attorneys can help busy, growing firms find affordable legal assistance when things get hectic. Why hire a remote paralegal when you can hire an actual, licensed attorney at a comparable cost? Do your best and outsource the rest! Special for our listeners, for your first hire from LAWCLERK, use the promo code NewSolo25 for a $100 rebate. Hear how the arrangement works, including ethical and licensing policies, confidentiality, state-specific availability, and even hiring attorneys who are experts in the exact area of law you need. Resources: Previous appearance on Legal Talk Network, “Clio Cloud 2022: Hire for Success – Best Practices for Growing Your Team” Previously on New Solo, “Checking In! Four Years Later, Solo Practice Aloha Divorce Is Thriving”  Clio ABA Techshow 2026 Clio Cloud Conference 2026  Learn more about your ad choices. Visit megaphone.fm/adchoices