Performlaw Blogs

Using Profitability Data to Transform Your Law Firm

Posted by: Brian Kennel on September 14

 

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

Posted by: Brian Kennel on May 10

 

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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"Client Profitability: Analysis to Action"

Posted by: Brian Kennel on April 5

 

PerformLaw's Lead Consultant, Brian Kennel, recently spoke at ALA's 2017 Annual Conference & Expo in Denver, Colorado. You can view and download the presentation slides below.  The presentation, "Client Profitability: Analysis to Action" reviews how law firms can use profitability analysis to understand the basic economics of their practice. With this knowledge, firms have a competitive advantage to make meaningful improvements.

 

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Compensating for Law Firm Profitability

Posted by: Brian Kennel on January 31

 

Compensating based on profitability ensures that a firm’s bonuses are tied to created profits. While more difficult to accomplish, the results are often better.  Looking at profitability information requires more transparency and information sharing of the firm’s cost structure.  This makes some partners uncomfortable. However, our experience has shown that when partners (including the most resistant ones) have a working knowledge of the impact of various elements on profitability,  a high-performance culture is often the end result. 

 


 

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Aligning Equity with Contributed Profits

Posted by: Brian Kennel on December 21

 

How can equity be transferred in an orderly way and to the right people? 

 

The benefits of adjusting equity based on profit contribution at a law firm include the following: 

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Client Profitability Analysis: An Oracle of Truth!

Posted by: Brian Kennel on October 10

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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