Optimizing Practice Management: Driving Profitability and Market Position

As law firms have grown larger and client problems have become increasingly complex, effective practice management has become the primary vehicle through which firms seek to deliver value to clients and differentiate themselves in a competitive market.

 

Optimizing Practice Management: Driving Profitability and Market Position is intended to help firm leadership work through all the critical aspects of structuring and implementing an effective and optimized practice management system.

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Description

As law firms have grown larger and client problems have become increasingly complex, effective practice management has become the primary vehicle through which firms seek to deliver value to clients and differentiate themselves in a competitive market.

Optimizing Practice Management: Driving Profitability and Market Position is intended to help firm leadership work through all the critical aspects of structuring and implementing an effective and optimized practice management system.

The book is divided into five main sections, covering:

  • The business case for practice management;
  • Building the essential foundation;
  • Developing the structure;
  • Keys to successful implementation; and
  • The role of the practice leader.

 

This book will help law firm leaders to:

  • Gain clarity on how to improve their market position and enhance the value perception of their services;
  • Establish the optimal practice management structure to facilitate achievement of the firm’s strategy and market position;
  • Focus on particular practice specialties and subspecialties, and on clients or industries, where the firm can establish a sustainable competitive advantage;
  • Define clearly the role of business unit leaders and members; and
  • Align incentives to encourage the level of collaboration that clients are demanding.

 

Detailed appendices contain the results of original research on practice management in the largest US law firms, and sample job descriptions for practice group leaders/members, based on the authors’ experiences working with over half of the Am Law 200 law firms.

Contents

Chapter 1: Practice management – An overview

Chapter 2: The foundation for effective practice management

Chapter 3: Implementing the foundational elements

Chapter 4: Developing an effective practice management structure

Chapter 5: Making practice management work

Chapter 6: Leadership of business units
 

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Authors

Susan Raridon Lambreth
Principal at Law Vision Group
Wendy Bernero
Wendy Bernero has more than 25 years of experience serving in senior-level management roles for major law firms. She has helped lead six AmLaw 100 firms through good times and bad. At these firms, and as a partner in Hildebrandt International, she has helped lawyers expand their businesses, address their most pressing challenges, and cope with crises, large and small. From developing and implementing a strategic vision, to creating and executing a meaningful value proposition, she has a passion for helping firms, practice groups, and industry groups achieve a sustainable competitive advantage. Wendy is a regular speaker at legal industry conferences and is one of the founders of the New Partner Forum, an annual conference designed to serve the professional and career development needs of newly promoted partners. She is also a regular presenter at practice management conferences and roundtable programs, and was a panellist at PLI’s 2014 Project Management for Lawyers program, the leading conference on legal project management. In recognition of her contributions to the legal profession, Wendy was inducted into the College of Law Practice Management in 2014, named 2013 ‘Thought Leader of the Year’ by the New York Metropolitan Area Chapter of the Legal Marketing Association (LMA), and inducted into the international LMA Hall of Fame in 2012.