Category: Business & Commerce, Financial/Economic Preventing Corporate Fraud TASA ID: 321 Fraud can happen in a business of any size, but small businesses are often targets of fraud. According to the American Institute of Certified Public Accountants, small and midsize companies suffer more losses due to fraud than their larger counterparts. Experts estimate that companies lose 5% to 6% of their annual revenue to fraud, so every company should have a comprehensive fraud prevention program. Read more
Category: Business & Commerce, Financial/Economic What Is Your Firm Going to Be Worth in 10 Years? TASA ID: 4374 Perhaps the most rigorous way to calculate the value of a firm is by using discounted cash flow (DCF) analysis. When we use DCF analysis, we build a detailed forecast of the firm’s sales, costs and expenses, and long-term capital investments. We then use those forecasts to calculate the “free cash flow,” or the cash that will be available to the firm’s investors, over the life of the firm. Read more
Category: Financial/Economic, Marketing What About Pricing for Legal Services? Insight from a Legal Marketing Expert TASA ID: 2598 One of the hottest debates in the legal sector has been whether the billable- hour is dead, and what will replace it. Will it be flat-fee pricing, value billing, or something yet unimagined? It comes down to the fact that clients and lawyers want a fair deal. While the billable-hour has been the simplest form of pricing and offers many benefits to lawyers and their firms, the landscape has changed. Clients and potential clients know more and expect more. This is particularly true in the case of complex litigations and clients that demand accountability. In a nutshell, they want value. Read more
Category: Financial/Economic, Real Estate, Resources for Attorneys Pros and Cons from a Mortgage Professional: Should You Make an “All Cash” Offer TASA ID: 4349 Let’s say you’ve started looking for a home. At some point, your realtor may say, “If you really want the house, you should make an all cash offer!” What does that mean – you come to the closing with a giant stack of bills? You tap the trust fund and write a big check? No – it means you waive your mortgage contingency. Read more
Category: Financial/Economic, Safety, Security Safe Deposit Boxes: Profit Center or Loss Leader? TASA ID: 1018 As a nationally recognized safe deposit box specialist, I am often asked what techniques could be put in place to transform this “loss leader” into a lucrative endeavor. My answer is always simple and concise: know your market, evaluate and train your department staff, and review your box rental rates, fees, programs and policies. Read more
