How can a consultant help? Raise awareness of the multiple threats and how to combat them, relying on experience gained from decades of working with in-house counsel, law firms and businesses that have faced similar disruptions. Provide guidance to a steering committee as it forms a long-range plan. Provide tactical support for one or more work streams. Provide training to partners in areas such as legal project management.
It can be daunting to try and address the wide range of changing expectations facing today's legal market:
- Legal Project Management
- Alternative Fee Arrangements
- Client Satisfaction
- Price Pressure & Discounts
- Work Product Quality
However these challenges are interrelated and can be addressed as part of a single change in mentality and firm culture. "Connect the Dots" addresses how law firms make money today, how they will make more money tomorrow — and how selecting the correct strategic goals can address all of today's challenges without sacrificing tomorrow's profitability.
Many firms have found this seminar especially helpful for aligning the firm during annual partner meetings, in preparation for taking on initiatives in these areas and improving overall firm perception and profitability.
The LPM Starter covers the essentials of Legal Project Management including how LPM is the link between the ongoing marketplace changes, client satisfaction and law firm profits.
The starter program focuses on LPM socialization, visibility, awareness, and building partner buy-in through interactive discussions, incorporating audience success stories, and sharing lessons learned whenever possible to illustrate key points.
The LPM starter is most applicable to Firms looking for a starting point with LPM initiatives, or looking to prime additional attorneys/staff for engaging in LPM initiatives.
For decades attorneys could rely on profitability resulting from billing hours, but with clients now request lower rates and fewer hours are billing hours/revenue still the best KPIs for firm profitability?
"Changing KPIs of Law Firm Profitability" addresses strategies for improving profitability while meeting client's demands by first addressing the drivers of law firm profitability and how they are changing.
- Generating profits with flat or declining revenues
- Moving from a lagging indicators to leading indicators
- The link between law firm profits and client satisfaction — an exercise in optimization, not a zero-sum game
- Expanding the metrics to monitor practice performance
- And more…
"Changing KPIs of Law Firm Profitability" is most appropriate for firms facing decreasing profits, lagging revenues, insufficient realization rates, or difficult decisions around practices and individuals which are no longer profitable for the firm. The KPIs discussed during this session also have implications for improving the effective selection of lateral hires.
In "Measuring the ROI of Business Development" we will answer the question "even if it's possible, does anyone care?" including topics and strategies such as:
- Why care about R.O.I. now when we didn't need it before?
- Prospecting: the green space analysis and pipeline management
- RFP trade-offs: streamline the process or pick better battles?
- Resource allocation: managing when everything an everyone is high priority
- How can I add value to my internal clients armed with this knowledge?
- And more…
“Measuring the ROI of Business Development” can help firms that do not currently have an ROI measurement system in place, firms looking to begin leveraging their business analytics, and/or firms looking into the design and application of CRM systems.
For more information about one of these workshops, to schedule a session for your firm, or to join the waiting list for an upcoming webinar on one of these topics please e-mail Timothy B. Corcoran directly at firstname.lastname@example.org.