Law Practice Today Review: Finance

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LPT Review

The American Bar Association’s Law Practice Division publishes a monthly webzine, Law Practice Today, covering the latest topics in law practice management. August’s edition focused on finance, with technology topics ranging from processing payments to virtual depositions. Here are some highlights from the issue:

Litigators Say Virtual Depositions Are Here to Stay” by Judith Kunreuther

“With the pandemic stretching far longer than anyone initially anticipated, it should come as no surprise that some of what we thought of as temporary adjustments have become lasting changes.

Most lawyers agree that remote depositions are here to stay. In a recent survey by Veritext Legal Solutions entitled “Remote Proceedings in a Post-Pandemic World,” nearly 200 attorneys across a variety of practice areas and North American jurisdictions provided feedback on their deposition practices both pre- and post-pandemic, how they plan to handle depositions and proceedings in the future, and how the pandemic has created permanent changes in legal processes.”

Three Payments Hacks To Improve Your Firm’s Profit Margin Today” by Dan Lear

“First, if your firm isn’t accepting electronic payments, it’s probably time to start. If the pandemic didn’t convince you that being able to get paid without having to meet someone face-to-face is imperative, mounds of data now support the proposition that firms that accept electronic payments get paid faster, more, and more often. So, if we’re talking technology, we need to start there.”

Increasing Marketing ROI by Using Legal Data for Business Development” by Josh Blandi

“While social media advertising campaigns on platforms like LinkedIn, Facebook, and Google are some of the most common places to spend your marketing budget, a more cost-effective way to allocate marketing dollars exists. Legal data has become more accessible, and law firms should be capitalizing on the powerful insights it can infuse into their marketing strategies.”

Check out the rest of Law Practice Today’s “Finance” Issue here!