Many law firms today are far too focused on increasing market
share; they should be paying attention to what makes them a more
profitable business. Market share doesn't matter much if you're not
profitable, and firms cannot simply grow their way to prosperity by
undercutting the competition. Instead, firms must focus on value
creation and increasing clients' willingness to pay for their
services. The question should be: "What can your firm do better, or
more efficiently, and more profitably than anyone else?" The
Mechanics of Law Firm Profitability: People, Process, and
Technology examines why a focus on profitability and metrics is
reshaping law firm operations and matter management; how to define
the bottom line and to distinguish between "good" revenue and
"bad"; and how to change the dialogue from "hours and revenue" to
"revenue and profit", while changing the mindset from increasing
market share to simply running a profitable business. The Mechanics
of Law Firm Profitability covers topics including: + The "every
dollar is a good dollar" fallacy: The difference between good and
bad revenue + Increasing profitability by improving client intake +
Using KM to increase firm profitability + Pricing, profitability,
and compensation + Measuring different practice groups, differently
+ Four challenges in managing law firm profitability + Strategy and
culture driving effective use of people, process, and technology +
Profitability and the Concept of `Managing on the Edge' - Why It Is
Important to Regional Law Firms And brings together the
sought-after advice of a wide variety of experts including: + Toby
Brown, chief practice management officer, Perkins Coie + Mike
Roster, co-chair ACC Value Challenge and former managing partner of
Morrison and Foerster's LA office + Jack Bostelman, president KM/JD
Consulting LLC + Chris Boyd, senior director of professional
services, Wilson Sonsini Goodrich & Rosati + Jim Hassett,
founder of LegalBizDev + Wendy Wen Yun Chang, partner, Hinshaw
& Culbertson LLP + Keith Maziarek senior director of client
value, Perkins Coie + James G. Perkins, chief operating officer and
chief compliance officer, Procopio + Mark Voigtmann, partner; Steve
Petrie, chief strategy officer; Vanessa Savoie, senior strategic
analyst & pricing analyst; and Tom Snavely, manager legal
process improvement & project management, Faegre Baker Daniels
The Mechanics of Law Firm Profitability: People, Process, and
Technology provides practical and proven tips for all law firm
leader on adjusting current processes and identifying opportunities
for future profitability within their firms.
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