PerformLaw

Law Firm Best Practices Blog

Understanding Your Competition

on Jan 28, 2018 12:22:00 AM

In our last post, we focused on assessing a firm’s competitive position by reviewing planned work-life timelines, relative workload distributions, and capacity. Please see last week’s post to review that information.

Read More

3 Simple Tools to Help Law Firms Prepare for the Future

on Oct 30, 2017 12:46:02 PM


Lawyers 55 or older make up over 1/3 of all practicing attorneys. These data have been found across the 15+ legal markets that PerformLaw has collected demographic data for over the past two years. The same demographics hold true on a national basis. (Source: "The Lawyer Statistical Report", American Bar Foundation)

 

Read More

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.

 

Read More

Safeguards for Admitting Laterals (Part 1)

on Mar 18, 2017 9:35:00 PM

Apart from the non-financial factors (reputation, cultural fit, conflicts, strategic benefits, etc.), law firms should carefully analyze the financial implications of a possible lateral transaction. When considering a potential lateral hire, firms should efficiently address the following questions:  

Read More

Safeguards for Admitting Laterals (Part 2)

on Mar 8, 2017 9:59:34 PM
****** READ PART ONE OF THIS SERIES:  Safeguards for Admitting Laterals (Part 1) *****

Workload Distribution and Revenue per Hour

 

In a lateral transaction, the impact on average revenue per hour has limited meaning.  In other words, it is highly unlikely that the current partners are going to raise or lower their billing rates as a result of a new lateral admission. An opportunity cost likely exists if a lateral transaction employs all of the firm's current excess capacity or available capital. The impact on the average rate per hour only becomes relevant when it directly or indirectly impacts current revenue streams.

 

Read More

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.

 

Read More

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.

VISIT THE BLOG