What Should Law Firms Do to Improve Profitability and Legal Project Management?
Client Value and Law Firm Profitability
by Jim Hassett, Ph.D., LegalBizDev
This research was designed to help lawyers make the best possible decisions about how to adapt to a rapidly changing marketplace by providing insights into the actions and opinions of their peers. In the months preceding this book’s publication, a number of conferences have been held by law schools to discuss the challenges facing the legal profession. Countless articles and several books addressing these changes have also been written by law school and business school professors. And consultants have written far more – probably millions of words on how client demands are changing and what law firms should do about it.
The only thing that’s been missing from the conversation is public statements by the people who run large law firms. These senior decision makers rarely publish anything on their tactics and strategies, or even attend conferences. They are the ones who deal with these issues every day, and whose very livelihood depends on coming up with the right answers. What do they think?
To answer this question, I interviewed chairs, managing partners, executive committee members, CEOs, CFOs and other senior executives at 50 AmLaw 200 firms between June 2013 and January 2014.
Based on those confidential interviews, there can be no question that clients are demanding more value than ever before. There is, however, much less agreement about the best way to remain competitive in an increasingly challenging environment. This excerpt from Chapter 7 – “What Should Law Firms Do” – lists key recommendations in two critical areas: profitability and legal project management (LPM).
Download the excerpt to read more…