Targeting Profitability Strategies to Improve Law Firm Performance

This multi-contributor report brings together the sought-after advice of industry experts to provide you with practical tips on specific methods which can be used to increase the profitability of your firm.

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Pressure on profitability has become not just a temporary area of concern for law firm management, but is now one of the top priorities’ – Tony Williams and Richard Tromans, Jomati Consultants LLP

Law firms are increasingly looking at new ways to drive profitability. However, research shows that they are still not maximising the potential of both clients and staff.

As a result, Managing Partner has brought together the sought-after advice of industry experts to provide you with practical tips on specific methods which can be used to increase the profitability of your firm. 

From clients, people, and training, to finance, billing, and IT, Targeting Profitability highlights the key areas that can be improved. Useful strategies are provided to help you increase your law firm's profitability along with the key steps you need to consider when implementing them. Topics covered include: 

  • Tony Williams &  Richard Tromans (Jomati Consultants LLP) – How to develop a clear picture of your firm's market position;
  • Michael Roch (Kerma Partners) – How to identify and use appropriate pricing options to drive profit;
  • Robin Dicks (The Thriving Company) – Understanding the key drivers of profitability and areas to improve;
  • Simon Nash (Carey Olsen) – The key elements that build profit per partner and performance;
  • Allan Carton (Inpractice UK) – Using IT and new technologies to increase profitability;
  • Phil Gott (Peopleism) – How new approaches to learning can drive law firm profitability;
  • Ori Wiener (Møller PSF Group) – Embedding a fee culture;
  • Steve Gale (Crowe Clark Whitehill) – How to get fee-earners and partners to manage working capital;
  • Brian Helweg-Larsen (ProfitAbility) – Profitability and ignorance: What is it costing you?
  • Patrick McKenna – How to differentiate in a way that is meaningful to clients; and much more…

Targeting Profitability: Strategies to Improve Law Firm Performance will enable you to make necessary adjustments to current processes and identify future profitability opportunities for your firm. 

Contents

Chapter 1: Know thyself – Know where you are and who you are as a firm before embarking on a strategy to build profitability

Chapter 2: Improving profitability – The key levers

Chapter 3: Six elements of meaningful differentiation

Chapter 4: Growing revenue from existing clients – Service, value, and loyalty first, then cross-selling

Chapter 5: Improving law firm profitability – Why cash will always be king

Chapter 6: The Four Horsemen of law firm profitability

Chapter 7: Raising revenues – Not through alternative fees but through better pricing management

Chapter 8: Alternative fee arrangements – A profitability technique other than just more hours

Chapter 9: Embedding the right fee culture

Chapter 10: The value of performance

Chapter 11: Earning more means learning more

Chapter 12: Profitability and ignorance – What is it costing you?

Chapter 13: Shifting the IT focus to developing integrated business solutions

Check our Executive Summary and full table of contents here

Authors

Toby Brown
Director of strategic pricing & analytics, Akin Gump.
Allan Carton
Managing director at Inpractice UK.
Robin Dicks
Founder and director, The Thriving Company
Susan Saltonstall Duncan
Founder and president of RainMaking Oasis Inc., a business development and management consulting firm.
Steve Gale
Audit Partner, professional practices team, Crowe Clark Whitehill.
Phil Gott
Founder member, Professional Speakers Association. Author of Managing People in a Law Firm in The Law Society’s Practice Management Handbook. Phil can be reached via email or at Peopleism Ltd.
Brian Helweg-Larsen
Co-founder, and director of innovation, ProfitAbility.
Simon Nash
Simon Nash read Law at Bristol University in the UK, and holds the Fellowship of the Chartered Institute of Personnel and Development, and also membership of the British Psychological Society. Until 2017, Simon was the global HR director for Carey Olsen, a prestigious offshore law firm. While at Carey Olsen, he doubled the headcount while the firm tripled financial turnover and achieved Tier One rankings across all practices. Over this time, Simon’s people and performance strategy won four major awards and was widely written about in the HR and legal press. Now Simon runs Insight.je, a human factors advisory firm, and ValueMetrix, a business ethics consultancy. He also has interests in two tech start-ups in the HR data analytics space.
Michael Roch
Co-founder & CEO, KermaPartners
Joel A Rose
Joel A. Rose is a Certified Management Consultant and president of Joel A. Rose & Associates, Inc., management consultants to the legal profession. The firm, national in scope, is headquartered in Cherry Hill, New Jersey. Joel received a B.S. from New York University and an M.B.A. from the Wharton Graduate School of Business, University of Pennsylvania. He has extensive experience consulting with private law firms and government agencies. Joel performs and directs consulting assignments in law xiv About the authors firm management and organization, strategic and financial planning, lawyer compensation, the feasibility of mergers and acquisitions and marketing of legal services. He has extensive experience planning and conducting retreats and special expertise resolving problems among and between lawyers. Joel’s articles on law office management and economics appear in the Philadelphia Legal Intelligencer, the Pennsylvania Law Weekly, the New Jersey Law Journal, the New York Law Journal, publications of the Association of Legal Administrators, and other state and local bar association journals. Joel wrote the chapter, “Identifying and Defining Criteria for Determining Partner Compensation”, in the publication, Compensation Design for Law Firms, and the chapter, “Components of a Well Conceived Partner Compensation System”, in the book Compensation Re-design for Law Firms, both published by The Ark as US pub Group. Joel is on the Board of Editors of Accounting and Financial Planning for Law Firms and Law Firm Partnership and Benefits Report. Joel is a member of the Law Practice Committee of the American Bar Association.
Richard Tromans
Richard Tromans is the founder of Tromans Consulting, which advises lawyers on strategy and innovation, including the adoption of legal AI/automation technology and its business benefits and impact. He has spent over 19 years working in the legal sector, focused on the UK and global legal markets. Richard is also the founder of the global legal AI and new technology site, Artificial Lawyer – www.artificiallawyer.com – which was recently recognized as one of the top 50 information sites in the world on artificial intelligence. See www.tromansconsulting.com for more information.
Ori Wiener
Co-founder, Møller PSF Group Cambridge
Tony Williams
More than 30 years of experience in the legal profession, occupying senior management positions as well as direct client handling and fee earning. Founder, Jomati Consultants.

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