‘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.
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 solutionsCheck our Executive Summary and full table of contents here