New Year’s Resolutions to Improve Law Firm Cash Flow
By Patrick Maloney
Patrick M. Maloney founded the Maloney Firm, APC in 2012. Prior to that, he was a partner in a downtown Los Angeles litigation boutique for over a decade. Mr. Maloney regularly represents attorneys and clients in legal malpractice actions and legal fee disputes. As a result of his work in this area, Mr. Maloney has developed a deep appreciation for the issues that cause clients to become dissatisfied with their counsel. Mr. Maloney may be reached at firstname.lastname@example.org or 310-540-1505.
The fresh start of the New Year provides a perfect opportunity to review a law firm’s practices and implement new policies and procedures to enhance cash flow and profitability. Oftentimes, simply improving the level and quality of communications with clients can have a dramatic impact on a law firm’s cash flow. In many instances, positive results can be achieved by fine tuning the firm’s intake procedures, retainer agreements, client management, and billing practices.