The Latest in Law Firm Marketing
Each week, the Legal Marketing Association pulls the most buzzworthy trends in marketing to help inspire its members. This week we cover law firm profitability, starting with “The Risk of Idolizing False Profits.”
1. The Risk of Idolizing False Profits
Timothy B. Corcoran discusses the choices to be made to properly calculate profit. “Today’s law firm leaders understand that pursuing profit isn’t unseemly — rather, it’s a key way to ensure that the firm is providing quality legal services, at competitive market prices, to price-conscious buyers and generating sufficient value to reward the lawyers engaged in the practice of law.” Read more in Legal Management published by the Association of Legal Administrators.
2. Making Profitability a Priority for Law Firms
Steven S. Manekin, CPA, says that to remain profitable law firm managing partners “need to be able to make critical decisions about business relationships within their firm – a concept that isn’t always explored in law school.” He offers some thoughts on properly managing profitability in this blog post.
3. Getting Partner Profitability Right
How do you measure partner performance and evaluate it against firm profitability? Writer Hugh A. Simons outlines a few strategies, and warns against undervaluing partner leverage. Read more on Law.com.
4. How to Manage Law Firm Costs and Performance
Take a hard look at activities that generate costs along with ways to assess their contribution to income generation, says Mike O’Donnell. Then review legal staff performance beginning with an unambiguous definition of acceptable performance levels. “Remember, if you can’t measure it, you can’t improve it,” says O’Donnell. Learn more about putting those assessments together in this blog post.
5. Financial Analytics to Boost Profitability
Ariela Tannenbaum, CEO of a consultancy firm focusing on enhancing law firms’ profitability, leads lawyers through an assessment process – where are you today? Where do you want to go? How will you get there? Firm profitability! LMA members: access this LMA West CME Conference 2017 PowerPoint presentation.
Check back weekly for more industry trends from around the web!