At larger law firms, pricing professionals—sometimes called Pricing Officers—are in high demand. According to Considine Legal Search, 76% of big firms now employ some sort of pricing officer, and 44% of these positions were created in the last two years. They also found that a bidding war for these positions is underway, with 28% reporting compensation packages of $250,000 […]Read More
Customer service tends to be an administrative issue handled by someone else. However, in today’s highly competitive legal market, a firm’s customer service level is fast becoming a differentiator between successful firms and all the rest.Read More
Alternative fee agreements (AFAs) are now commonplace and widely accepted in the legal industry. According to the Washington Post, 80% of law firm leaders now believe that these non-hourly billing options are a permanent change to the legal industry—compared with only 28% in 2009.Read More
The key to getting the most out of your LPM strategy is to start implementing LPM then step back and look at where the process is helping you better understand your business.Read More
Often, the business advice given to firms overlooks some very basic steps that can quickly improve their performance. The term “strategic planning” may sound abstract, but if pursued in an intelligent way, it can effectively address many of your firm’s everyday challenges.Read More
It’s natural to compare your firm to others, particularly when they are direct competitors. But what metrics are you using to determine if your firm compares favorably? There’s a tendency in law to evaluate success or failure anecdotally, rather than examining the cold, hard facts and figures. In the business world the term “benchmarking” describes the process of dispassionately […]Read More
As we approach the holiday season, we at Aderant strive to look beyond our company and consider how we can impact the communities in which we live. In reflecting on the charitable and giving spirit of the season, the long-established practice of legal pro bono work came to mind.Read More
In my opinion, stability takes on two important forms in this context—financial stability and leadership stability. Without financial stability and access to capital investment in product development, innovation becomes very challenging.Read More
Since there is a finite limit to cutting expenses to increase profitability, I would suggest that firms look to grow profitability by analyzing and negotiating more profitable fees with current and prospective clients.Read More
If you had to choose one metric that reflected your firm’s overall health, would it be revenues or profits? Firms often make the mistake of focusing just on revenues, operating under the assumption that greater revenue means greater profitability when, in fact, their profitability is the key metric.
Why do revenue totals receive so much attention? According to Edge International […]
For many college graduates, the decision to apply to law school is not as automatic as it used to be. Many legal experts and commentators have declared that the “law school bubble” has burst, and that students should look long and hard before taking on the time and debt necessary to obtain a J.D.Read More
In this transitional market some firms have recognized that there are great opportunities for growth if they can successfully identify, manage and mitigate their risks.Read More
Hardly a week goes by where news of a big merger, or at least rumors of a merger, doesn’t shake the legal world. Last month featured the merger of Squire Sanders with Patton Boggs to form “Squire Patton Boggs”. According to the Am Law Daily the combined firm will cover 53 cities worldwide with 1,550 lawyers, making it the […]Read More
A technology vendor somehow manages to oversimplify or overcomplicate an issue and operates at a distance. Conversely, a partner will always try to resolve issues, make your working life easier, and find simple solutions to complex problems. As the proverb goes, “If something sounds too good to be true, then it most likely is.”Read More
I’ve seen a number of stories lately proclaiming that big data is taking over the world, therefore your firm “must adapt or die!” While I confess to being a big proponent of integrating business intelligence (BI) products into your firm, the reality is that law firms around the world have been relatively slow to adopt the new data technologies. […]Read More
For law firms trying to cope with the rapidly changing legal landscape, prescriptions from the experts seem to focus on one primary goal: be more “nimble”. From my perspective, a firm will be nimble if they have a mobile workforce and a deep understanding of pricing and profitability. The firm can therefore change as the future of law unfolds […]Read More
Can you imagine your legal practice five or even ten years from now? If you think that’s difficult, try doing that while properly judging which of the current “hot” legal trends will pan out and which will fall by the wayside. A CIO at one of our firms recently remarked that “the legal industry is going through 30 years […]Read More
Are you losing sleep worrying about your firm?
Successfully running any business is challenging enough in this economy, but law firms face a particularly cool climate. As the Wall Street Journal wrote in January, “Don’t expect things to warm up anytime soon. By most accounts 2013 was another lackluster year for U.S. law firms, marked by stagnant demand for legal […]
Based on the evidence, it certainly appears that non-hourly billing alternatives are quickly gaining ground on the venerable billable hour in many U.S. law firms. In one of those bell-weather stories whose implications only become clear as time passes, the Texas Lawyer reported last year that so-called “alternative fee arrangements” (AFA’s) were being used by 89 percent of the […]Read More
A few years back, I was able to sit in on sales pitches from a couple of key law firms. Both firms came to the table with a partner leading the presentation and at least one other lawyer who would assist on the account. They proceeded with basic slideshows and brochures that included pictures of their office building.
Being brutally […]
Last Saturday was International Women’s Day 2014 (www.internationalwomensday.com). I think we can all agree that full gender equality has not yet arrived in law or business, and especially not in the executive suite. As a woman executive I wonder what will generate a fundamental shift? What if the issue of getting more women into leadership positions was actually an […]Read More