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Sustainable Profitability in a Disrupted Legal Market

Sustainable Profitability in a Disrupted Legal Market

Author: Norman Clark; Lisa Walker Johnson
Publisher: Globe Law and Business
ISBN: 9781787422667
Published In: March 2019
Format: Paperback , 103 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents

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Profitability in law firms is, above all, about change. This special report presents practical strategies for law firms to protect and sustain their financial performance and profitability as changing client expectations, advanced technology, and global competitive forces are fundamentally changing the legal services industry. The authors demonstrate how the traditional factors influencing profitability remain valid, but must be adapted to new financial realities. The report focuses not only on what sustainable profitability means, but also how to achieve it in any law firm. Sustainable profitability demands more than closer attention to the numbers, but also new approaches to managing the profound changes in the way that law firms traditionally have worked.

Seismic shifts in the legal services industry

1. Introduction

2. Will the law ﬁrm of the future be a computer?

3. A diagnostic approach

The six classic drivers

1. Introduction

2. Old questions turned upside down

3. Diagnostic tools in a change-ready professional culture

Pricing – classic driver #1

1. A thought experiment: ten dollars per hour

2. Are your fees low enough to be competitive and high enough to be proﬁtable?

3. Low pricing: an unsustainable strategy

4. Are your fees high enough?

5. Value, not price

6. An agenda for a value conversation

7. Escaping the squeeze

Productivity – classic driver #2

1. A thought experiment: the 80-hour day

2. Are you working too hard?

3. Is the billable hour obsolete?

4. What is the magic number?

5. Variation in productivity

6. The over-productive partner

7. Moving beyond the billable hour

8. Disruptive productivity

Realisation – classic driver #3

1. A thought experiment: collecting every penny

2. Leaving money in the street

3. Realisation as a diagnostic indicator

4. Better proﬁts through better realisation

Cost management – classic driver #4

1. A thought experiment: operating a law ﬁrm for £50 per hour

2. Cost management in context

3. The temptation to slash costs

4. Pitfall number 1: not knowing what it costs to produce a legal service

5. Pitfall number 2: over-investment in multiple oﬃces

6. Pitfall number 3: not keeping up with the technology

7. Pitfall number 4: ignoring partner performance issues

8. Pitfall number 5: slashing costs without managing risks

Staﬀ compensation – classic driver #5

1. A thought experiment: associate compensation in 2030?

2. Are associates becoming inherently unproﬁtable?

3. Looking through the wrong end of the telescope

4. It’s not about the money

5. Improving associate proﬁtability now

6. Money into the bottomless pit

Leverage – classic driver #6

1. A thought experiment: 40-to-1 leverage?

2. Finding the fulcrum

3. Technology, workﬂow leverage and the future of the law ﬁrm

Being the change

1. Introduction

2. Change-challenged or change-ready?

3. Paradigm shifts in the legal services industry

4. Is your law ﬁrm trudging silently towards oblivion?

5. Playing a poor hand well

Notes

About the authors

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