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The manner in which law firm leaders measure profitability has the potential to have a profound impact on behavior and motivation.
The manner in which law firm leaders measure profitability has the potential to have a profound impact on behavior and motivation, particularly as more firms integrate this metric into their operational management and compensation systems. Yet the nuance involved in establishing profitability metrics opens the door for even the most well-intentioned to encourage and incentivize the wrong behaviors. In a competitive market, firms chasing the false profits of production will quickly be left behind. As law firms continue to embrace and deploy profit metrics, it is essential lawyer leaders — and not just their business advisers — truly understand the implications and risks involved in their decisions, every step of the way.
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Unbiased Thinking: A Blueprint for Your Law Firm Billing & Collections Transformation
By Dan Safran
Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections
Crafting an Effective Roadmap for Implementing Information Governance In Law Firms
By Gregg Parker
This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
Prospective Partners Ask Small and Midsized Firms Tough Questions About Succession
By David E. Wood
Do Their Chief Finance Professionals Have Good Answers?
Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
What We Should Have Learned from COVID, Part 1: When In Doubt, Communicate
By J. Mark Santiago
First In a Series
First COVID Lesson: Leaders should communicate regularly to their firms in a more personal way, let their personality shine through, show some vulnerability and maybe reveal that they own a dog.