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Books > Business & Economics > Business & management > Business strategy
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Emerging Approaches to Law Firm Profitability (Paperback)
Loot Price: R5,473
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Emerging Approaches to Law Firm Profitability (Paperback)
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The legal profession, like so many other fields, has continued to
reel from the deep-reaching and significant impact of the 2008
financial crisis. In the years following the crash, a general
downward turn in the demand for legal services compelled firms to
tighten their belts, make tough decisions, and come up with
innovative strategies in order to survive. One of these was an
increased focus on profitability and different means of managing
and improving it, a relatively new development for the legal
industry. However, in recent years there have been small but
positive signs of improvement, manifested in a gradual pick-up in
client engagement, as global economies continue to slowly but
steadily recover from the crash. It is definitely a better time to
be a lawyer, as latent demand begins to manifest in parallel with
growing client confidence in a stabilizing market, fast-paced
disruptive technological innovations, and significant changes in
laws and regulations. However, this does not mean that firms can
afford to be complacent. The legal landscape continues to be in
flux, and improvement is slow. Increased revenue and client demand
does not come to firms that do not proactively seek it, nor is it
achieved by those who are not applying innovative and cutting-edge
techniques and strategies to the management of their firm. Of
course, delivering the best service to clients should always be a
top priority; however, there should also be an emphasis on running
the firm like a business, which includes intensive scrutiny of
expenditure and coming up with new and inventive ways to generate
profit. Managing and growing a firm's profitability should not just
be an exercise for difficult economic periods, but instead must be
a priority at all times. Rather than being perceived as an irksome
bolt-on, it is necessary to see it as a great opportunity in these
times of increased business. Existing and persistent cultural norms
amongst lawyers, however, means that the reform of current business
practices does not always come naturally. Nor is it necessarily
easy to find the right practical advice that can carry a firm
through the transition. Emerging Approaches to Law Firm
Profitability aims to be the ideal tool to assist with
implementation, providing essential guidance for those seeking new
means of maximizing their firm's capacity. Featuring advice and
reflections from a wide variety of contributors, ranging from
business and finance professionals to thought leaders and
consultants, this book offers in-depth, intensive insight into the
challenges generated by today's dynamic and hypercompetitive legal
landscape. Most importantly, Emerging Approaches to Law Firm
Profitability moves past the identification of these obstacles and
supplies original, innovative ways of tackling them. Expert
guidance is complemented by compelling case studies and effective
real-world examples, supplying principles that can be applied to
firms of any size or capacity.
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