Practice management

Question	Answer
what is Depreciation	a reduction in the value of an asset with the passage of time
How do you get secondary information?	...
what is Equity financing?	Equity financing is the process of raising capital through the sale of shares in an enterprise. Equity financing essentially refers to the sale of an ownership interest to raise funds for business purposes.
what is Target market?	a particular group of consumers at which a product or service is aimed.
Know advantages and disadvantages of purchasing an existing business.	Pros: - difficult start-up work has already done. - plans and procedures in place. - immediate cash flow. - financial history - acquire existing customers, contacts, goodwill, suppliers, staff, equipment and stock. - already established. - Existing employees will have experience Cons: - might need major improvements - may need 2 invest a large amount up front - may be poorly located or badly managed, with low staff morale. - seller's personality and their established relationships may factor success of the business.
why would you purchase an existing business?	Buying an established business is less risky – as a buyer you already know the process or concept works. Financing a purchase is often easier than securing funding for a start-up business for that very reason—the business has a track record.
What questions would you ask the personnel working for an existing business?	...
What does start-up cost include?	equipment and installation, a vehicle, road tax and insurance, premises, fixtures and fittings, initial stock or materials, launch marketing and advertising items, legal and professional fees, possibly a licence, maybe staff uniforms
The money borrowed from a creditor, what is it called?	loan or line of credit
What is a demographic characteristic?	statistical data about the characteristics of a population, such as the age, gender and income of the people within the population.
What is an Income statement?	a financial statement that measures a company's financial performance over a specific accounting period
What is the purpose of a probationary period?	allows an employer to terminate an employee who is not doing well at their job or is otherwise deemed not suitable for a particular position or any position
What obligations does the new business owner have to the existing employees, and what determines your obligations?	None, providing it is a sole proprietorship, this means the business is one of the same as the owner
What can you NOT buy in an asset sale?	...
What is a partnership?	a business owned by 2 or more people
What is a market analysis?	Marketing analysis is basically a business plan that presents information regarding the market in which you are operating in.
How do you avoid an administrative suspension?	-Payment of the Law Society annual licence fee -Filing the Paralegal Annual Report -Completion and reporting of Continuing Professional Development requirements -Maintaining paralegal practice insurance coverage
What is a market trend?	A market trend is a perceived tendency of financial markets to move in a particular direction over time
What is the purpose of a management plan?	Management planning is the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals
Know LSUC rules on technology and compliance.	....
Know rule 5 of rules of conduct.	RULE 5: Fees and Retainers — issues including contingency fees, joint retainers, fee splitting and referral fees
Know rules on disbursement fees.	- not profit from disbursements charged to the client - the client’s prior consent to the fee - fees authorized by statute or regulation paralegals are permitted to charge fees and disbursements, provided that the amount is fair, reasonable and disclosed to the client in a timely manner
What is an effective marketing strategy?	A marketing strategy will help you tailor your messages and put the right mix of marketing approaches in place so that you bring your sales and marketing activities together effectively in an effective marketing plan.
Know the rules that talk about deceiving the public when it comes to the name of a paralegal company	Rule 2 - INTEGRITY AND CIVILITY A paralegal has a duty to provide legal services and discharge all responsibilities to clients, tribunals, the public and other members of the legal professions honorably and with integrity.
Know the by-law that deals with financial obligations i.e. paying costs.	(3) No fee, reward, costs, commission, interest, rebate, agency or forwarding allowance, or other compensation related to his or her employment may be taken by the paralegal from anyone other than the client, without full disclosure to, and the consent of, the client.
Know the rules of conduct and its relation to your staff.	Supervisory Responsibility (3) A paralegal shall, in accordance with the by-laws, directly supervise staff and assistants to whom particular tasks and functions are delegated.
Know rule 3 on the rules of conduct.	RULE 3: Duty to Clients — client-related issues such as competence, confidentiality, conflict of interest, client property and withdrawal from representation
Know LSUC requirements on the rules of retainer agreements.	any and all charges must be disclosed fees must be stated clearly
Know what the LSUC requires you to take into consideration when taking on a new client	Conflict of Interest Competence
What is the characteristics of a tickler system?	...
What are the LSUC rules on storing open files?	separate from closed files secure or locked cabinet filed in an orderly fashion
What are the LSUC rules regarding competent use of technology?	have a reasonable understanding of the technologies used in their practice or should have access to someone who has such understanding
Know disbursements what it is considered to be	filing fees photocopying heath care record costs
Know the ethical issues that may arise when comes to your advertising	(a) is demonstrably true, accurate and verifiable, (b) is neither misleading, confusing, or deceptive, nor likely to mislead, confuse or deceive, and (c) is in the best interests of the public and is consistent with a high standard of professionalism.

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	Created by chantal Seguin almost 8 years ago