Mechanics of Law Firm Profitability: People, Process & TechnologyChanging the Scope of Matter Management in Support of Client Value, Practice Efficiency and Law Firm Profitability
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How exactly are law firms calculating profitability today?
After decades of unprecedented growth, the “great recession” sent ripples throughout the legal profession that are still being felt today, as many law firms continue to grapple with competitive and market pressures that are forcing firms to reevaluate their businesses, down to the day-to-day management of systems and working practices.
From pricing to process to service delivery, law firms today are tasked with having to re-engineer some of the most essential drivers of law firm profitability while developing internal standards and best practices reflective of the firm’s broader business strategies.
Clearly, the rules have changed. Standard business principles have become a reality for law firms today as clients have become more sophisticated and proficient in negotiating costs, evaluating performance and defining the scope of engagements.
Today, the “business of law” is becoming an increasingly central focus as market forces and cost pressures have given rise to new firm functions (such as pricing directors) as well as firm-wide initiatives that shine a light on the relevant economics of the business.
Success will be closely tied to a firm’s ability to adapt...
Ark Group’s 6th annual “Mechanics of Law Firm Profitability” conference will be illustrative of the changing scope of matter management in support of client value, practice efficiency and ultimately law firm profitability.
We hope you will join us this spring in San Francisco as we collectively examine and discuss what law firm profitability truly entails, as well as the continued evolution of matter management (tools and methodologies)—shedding light on how firms are marshaling their resources to provide the necessary framework, metrics and leadership to manage (not just the practice, but also) the business of law more strategically, and profitably.