The LeXFactor: A Lawfully Good Podcast explores the business of law, allowing you to build your law firm and capture more billable hours for the service of your clients. This podcast, sponsored by Lexicon, discusses the benefits of technology and services in the legal industry with professionals who understand them best.
Client Management Tips: Showing Your Client You Care - The LeXFactor
This quick hit episode of The LeXFactor features Sara Ruttan-Bates, Lexicon Director of Legal Operations and Training. Our podcast hosts chat with her about client management and how fast the entire legal industry is changing – and how lawyers need to keep up.
Investing in your firm and your firm’s reputation toward your clients is key – and can be improved for free. Sarah suggests everything from being present with your client’s case and showing them they have your full attention to being mindful of your billable rates and how much your clients are paying you. Try finding tasks that your legal staff can take care of so the billable rate is lower – It’s all about defining expectations and proving to your client just how much you care about them as their attorney.
Remember to listen next time and subscribe to The LeXFactor on Spotify, Apple Podcasts, or your favorite podcast platform.
Legal Recruiting in an Unprecedented Market - The LeXFactor
In this episode of The LeXFactor, our hosts Lauren and Brad invite Lexicon Director of Human Resources Jes Coffey to the studio to talk about the past two years in the recruitment world. Long story short, Jes emphasizes that it’s an unprecedented market.
The trio talks about what kinds of benefits are currently pushing workers to prefer working from home over working in the office, and how culture has become the key point of discussion in candidate negotiations. They also explore how understanding the current market and the future of the employment market is vital for law firms and attorneys to pull in the people they want on their teams.
Learn more about Lexicon’s recruitment services by visiting LexiconServices.com/HR-Recruiting and make sure to subscribe to The LeXFactor today.
Should Lawyers Focus on Reopening the Office or Reinventing the Wheel? - The LeXFactor Briefs
In this episode of The LeXFactor Briefs, our hosts Lauren Hoffmann and Brad Paubel take a look into a Law.com article that reflects on where law firms have been putting their focus while returning to the office and adapting to hybrid work.
Lauren and Brad discuss their thoughts on this provocative article that says law firms today shouldn’t concern themselves so much with remote work vs. in person work, but rather focus on client service innovation and succession planning above all else.
Listen and subscribe now to The LeXFactor Briefs to hear more about trending legal industry topics from our hosts.
Improving Your Firm's Collection Rates - The LeXFactor
In this episode, Brooke Lively, Founder of Cathedral Capital, virtually visited the Lexicon studio and chatted with hosts Lauren Hoffmann and Brad Paubel about improving law firm collection rates and the strategy behind cash flow forecasting. The trio dives into the average collection rate for US firms, the five pieces of the accounts receivable puzzle and the key components of cash flow from financing activities.
Cathedral Capital is a team of CFOs and profitability strategists who help entrepreneurs turn their businesses into profitable companies.
Make sure to listen and subscribe to The LeXFactor on your favorite podcast platform today. Plus, Brooke is offering her five pieces in the A/R puzzle as a thank you for listening to the episode – just enter your email here to get the info right in your inbox.
Lauren Hoffmann: Hey, everybody. Welcome to another episode of the LeXFactor. It’s your host, Lauren.
Brad Paubel: Co-host, Brad right here.
LH: We have a guest today and you guys may have recognized her voice because she’s been here before. So we have a two-timer on today. I don’t know if you guys remember Brooke Lively from Cathedral Capital, but welcome back. We remember you obviously.
Listen: What’s Your Capacity for Profitability? – The LeXFactor
Brooke Lively: Thanks, guys. I know, I have to say, you guys asked me back for a second time and I was super excited because I think you guys are the most fun podcast I’ve ever done.
Cathedral Capital Helps Make Law Firms More Profitable
LH: We need a quote her on that. Justin, pull that one out. Brooke, just in case our listeners didn’t hear you last time, give us a little bit of information about yourself. Give us some background, what you do, what makes you tick, what keeps you going.
BL: Wow, so many roads with that, but I’ll go down the appropriate one. So I own Cathedral Capital – we call it Cath Cap. We make law firms more profitable by serving as their outsource CFO.
I do this because I was running my father’s law firm. After grad school I had like worked at a hedge fund. And my father likes to shed his law partners every seven to 10 years. And he had shed his law partners because he had lost his firm manager that had been with him for like 30 years. And so he’s like, “Can you help me do this?” I’m like, “Sure.”
So, you know, in less than two years, probably 18 months we had started, grown, and scaled it to a seven-figure business. And at one point I hired a consultant to help with sales and marketing and his clients started coming to me and saying, “Can you do for us what you do for your family?”
And that was when I really realized it wasn’t just my father and brother that weren’t numbers driven. It was all attorneys. That’s why we’re here. And that it’s so much easier and so much more efficient to make decisions based on data. Because you only make that decision once.
Data-Driven Decisions in the Legal Industry
LH: And most people don’t use data, especially in this industry, unfortunately.
BL: They don’t. And what happens is you make the decision. You’re taking a deposition at four in the afternoon, and really what’s going through your head is “Was that the right thing to do?” And then you go home to dinner and you’re having dinner with your family thinking, “Well, maybe I should have taken option C,
Creating Happy Law Firm Work Environments - The LeXFactor
Managing Attorney Jessica Markham is the founder of Markham Law Firm in Bethesda, Maryland, and joins The LeXFactor hosts in this episode to talk about the culture of law firm work environments. Jessica dives in to how she has successfully created a happy, fulfilling workplace for her team, and her journey to make her dreams for a work environment a reality.
During this episode, Jessica also discusses how she began Markham Law Firm and why she decided to make happiness the goal, instead of an unanticipated benefit of working at her firm. After starting her firm in 2015, Jessica explains how focusing on what’s important to the attorneys at her firm helps to deliver an ideal work environment that makes people want to stay. Jessica and our hosts go over the thought process behind what it takes to make attorneys feel comfortable at their job and valued while they practice.
Make sure to listen and subscribe today to learn more.
Women's Role in Law Firm Culture - The LeXFactor
In this episode of The LexFactor, our hosts explore women’s role in law firm culture with Megan Elizabeth Gray, an attorney at Condé Nast in London.
For many law firms, hiring women is already well established in their recruitment strategy. Retaining female attorneys, as well as promoting them to partner level, however, is where the issue often starts. Megan and our podcast hosts look at some of the causes of this pattern as well as how this affects women and their career paths.
Tune in to this episode to hear examples from Megan of women fighting to progress their career trajectories and her tips for what law firms can do to develop their relationships with female employees.
This podcast has excellent content for any lawyer looking to make their practice easier and more efficient to manage! Great hosts, as well, with great insight. Highly recommend!