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Law Firm Best Practices Blog

Using Profitability Data to Transform Your Law Firm

on Sep 14, 2017 2:49:51 PM

 

Today’s law firms work with clients who have tighter budgets and greater expectations. This forces firms to find new and better ways to increase productivity and profitability. Since billing more hours and raising rates are not always the best solutions, progressive law firms are now looking to what actually makes their work profitableThey are working smarter, not only harder.
 

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Law Firm Client Profitability That Everyone Can Understand

on May 10, 2017 11:46:53 PM

 

Many of our clients are faced with the challenge of sustaining profitability while meeting client demands for greater value.   To help these firms to maximize profitability, we conduct several client profitablity analyses each year.

 

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Capping Billable Hours = Healthier Firm?

on Jan 19, 2017 1:29:34 PM


Market-aware law firms realize that clients can globally analyze billing data and draw statistical conclusions about the appropriateness of lawyer billing. For example, it would not be hard to determine the number of hours charged to a client's matters and perform competitive comparisons and reasonableness tests. Imagine the potential consequences of a poor showing in the testing process.

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Strategic Profit Analysis: Does it make sense to cut price?

on Nov 2, 2016 6:44:29 AM

Does it ever make sense to cut price?


Benchmarks, surveys, and market comparisons are useful for indicating how well a firm is doing against a standard set of external norms. To complete a thorough competitive analysis, we recommend that law firms supplement these external data with a strategic profit analysis.

 

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Client Profitability Analysis: An Oracle of Truth!

on Oct 10, 2016 9:42:09 PM

Law firms are increasingly faced with the challenge of sustaining profitability while meeting client demands for greater value. These challenging times require firms to adopt new and better ways to measure productivity and profitability. In our last post, we focused on calculating profitability per hour by timekeeper and by section. This post will extend that analysis to an individual client/ matter level.

 

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Beautiful Minds: 41 Legal Industry Predictions for 2016

on Dec 17, 2015 1:35:38 PM

This entire article  was published by Frank Strong on December 17, 2015 on the "Business of Law" blog by Lexis Nexis.

 

Predictions can go in many directions.

 

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law firm management concepts blog discusses relevant law firm topics

The Law Firm Management Concepts blog includes conceptual posts on important issues to law firms. These posts will correspond  to the posts found on our main blog ("Law Firm Best Practices") which offers detailed analysis and advice for putting concepts into practice.

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