Profitability in Law Firms: Insight and Analysis
Profitability – on the face of it – should be simple enough to determine. But once you start to lift the lid, there is much more than meets the eye. Profitability in Law Firms: Insight and Analysis provides practical and proven strategies for law firm leaders and managers who want to take their firms to the next level of performance and profitability.
How can they increase their profitability and efficiency without compromising their quality and reputation? How can they leverage the power of technology, data, and innovation to create value for their clients and themselves? Law firms are facing unprecedented challenges in the current financial climate and therefore need profitability strategies to survive and thrive in a competitive and changing market.
Measuring Against Nothing
Are you leveraging your non-partner hours effectively? Our latest blog post dives into the often-overlooked costs of poor leverage, especially in the age of Generative AI. Discover how AI could unintentionally reduce profitability by displacing the most valuable work, and learn strategies to improve your firm’s leverage before it’s too late. This is a must-read for anyone looking to future-proof their law firm’s business model.
Rolling Out LPM Software at Akin Gump
In this interview with Bloomberg Law, Toby Brown, Director of Strategic Pricing and Analytics at Akin Gump, discusses his career trajectory and current role in developing pricing strategies and legal project management at the firm. Initially focused on pricing, Toby's role has evolved to encompass broader practice management, including legal project management (LPM) and practice reengineering. He explains the challenges of integrating traditional project management into legal practices without disrupting the way lawyers work.
Toby shares insights on a pilot program using Lean for Legal, a project management software aimed at improving fixed-fee work within a transactional practice group. He highlights two key success factors: leadership-driven initiatives and client-demanded project management. Toby also discusses the importance of managing budgets effectively and the evolving nature of pricing functions within law firms. Looking ahead, he envisions further reengineering of legal practices over the next five years, aiming to embed these changes into Akin Gump's service delivery model.