Identifying Profits (or Losses) in the Law Firm |
Common terms and phrases
ability levers Accounting for Law adjustments and write-offs adjustments-assumed adjustments˛ American Bar Association areas of law Arndt Associate B Associate billing adjustments billing and collection budgeted chargeable hour client accounting system Client/Area of Law combination method Component Profitability Measurement Cost Accounting Cost Assignment/Allocation costs Net contribution direct cost rate Economic Profitability Levers Economics of Law Firm management firm's Hidden Costs hour Associate hourly billing rates hourly cost rates HOURLY RATE COMPUTATION Identifying Profits indirect costs key issue Lake Shore Drive Law Firms Law Office Law Practice Management Profitability Levers manual matter level matter orientation Matter-Assignment Method MEASUREMENT APPROACHES Measuring Component Profitability nomic organizational unit paralegals Partner A Associate Pro bono profitability pyramid Rate adjustments Rate and Billing RATE COMPUTATION TABLE Revenue Determination salary Section of Economics sources of profits standard billing value Standard Hourly Cost STANDARD HOURLY RATE timekeeper timekeeper-Table value at standard View This Pyramid