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Law firm practice group leadership is not for the faint hearted. As
firms compete increasingly at practice group level, leaders are
being asked to run their groups like business units; to develop and
implement a strategic plan that supports the goals and
competitiveness of the firm; and to coordinate and lead their
partners to enhance the efficiency, performance, and profitability
of their groups. Many firm leaders complain that some of their
group heads are not producing the results they want to see. But how
many practice group leaders receive the tools and support they need
to succeed in this critical role? How many are selected for
demonstrable leadership skills? And how often are they held
accountable for how well - or otherwise - they perform in the role?
With contributions from a wide range of experts, this second
edition of Effective Practice Group Leadership explores these key
questions and more, building on the first edition with new insights
and thought leadership. The book examines the position of the
practice group leader (PGL) in law firms today, the challenges of
the role, and the changes to it, innovations and how modern
practice groups are changing, and demonstrates the enormous
contribution PGLs can make to the profitability and performance of
their law firms, when armed with the tools and the authority.
Much has been written about the pace of change facing the legal
industry - how certain law firm functions are being replaced by
artificial intelligence and new types of service providers, how
accounting firms are looking to absorb and replace law firms, and
how merging into worldwide mega firms of 3,000 to 10,000 lawyers is
the only way to survive. Steve Jobs and others have called this
evolution "creative destruction". Richard Susskind referred to it
years ago as "the end of lawyers". It is true that the legal market
is facing massive change. Technology, new ways of working,
alternative methods of billing, and highly disruptive new entrants
have all made their mark on the traditional legal business model.
The Future of Law Firm Business Models takes a look at all these
trends and more, horizon-scanning for future developments, and the
ways in which these issues will fundamentally change the market.
The pricing of legal services is no longer simply about setting
rates. Properly optimizing a firm's pricing strategy is a critical
source of competitive advantage and increased profitability, which
now more than ever is crucial to staying relevant in the legal
sector. Firms must start looking to demonstrate their ability to
provide clients with greater value through alternative fee
arrangements, effectively controlled budgeting methods, and the
integration of innovative firm management practices - whilst
continuing to operate as a profitable business. Standard business
principles have become the norm for firms - as clients become
increasingly proficient in negotiating costs and defining the scope
of engagement, service delivery must now be framed by value,
expertise, and profitability rather than hours billed alone. With
contributions from pricing directors and expert consultants,
Practical Innovations in Legal Pricing offers insight into newest
effective approaches to pricing that top firms are undertaking.
Taking an in-depth look at the role of shadow-billing and client
collaboration in AFAs, integrating a firm's legal project
management and pricing functions for greater client benefits, and
effectively executing a newly formed pricing strategy, this title
will provide a comprehensive overview of the best practices in
innovative pricing functions.
Becoming a partner in a law firm is a significant milestone in a
lawyer's career, and requires a combination of strong legal skills,
business acumen, leadership abilities and a commitment to the
firm's success. Preparing for Partnership reviews the essential
steps that lawyers need to take to make partnership a reality. This
book outlines the critical factors for success, from building a
strong track record to developing a loyal client base,
demonstrating leadership skills and meeting the firm's criteria.
Contributors to the book discuss how to network and build
relationships within the firm, review the financial aspects of
partnership, and how to seek feedback and mentorship from other
partners. Preparing for Partnership is an invaluable resource for
lawyers seeking to achieve the ultimate career milestone of
partnership, and for team leaders and management as they help
aspiring partners to prepare. This book will help lawyers navigate
the complex path to partnership and realize their full potential in
the legal profession.
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