The Mechanics of Law Firm Profitability

Many law firms today are far too focused on increasing market share; they should be paying attention to what makes them a more profitable business. Market share doesn't matter much if you're not profitable, and firms cannot simply grow their way to prosperity by undercutting the competition. Instead, firms must focus on value creation and increasing clients' willingness to pay for their services. The question should be: "What can your firm do better, or more efficiently, and more profitably than anyone else?" The Mechanics of Law Firm Profitability: People, Process, and Technology examines why a focus on profitability and metrics is reshaping law firm operations and matter management; how to define the bottom line and to distinguish between "good" revenue and "bad"; and how to change the dialogue from "hours and revenue" to "revenue and profit", while changing the mindset from increasing market share to simply running a profitable business. The Mechanics of Law Firm Profitability covers topics including: + The "every dollar is a good dollar" fallacy: The difference between good and bad revenue + Increasing profitability by improving client intake + Using KM to increase firm profitability + Pricing, profitability, and compensation + Measuring different practice groups, differently + Four challenges in managing law firm profitability + Strategy and culture driving effective use of people, process, and technology + Profitability and the Concept of `Managing on the Edge' - Why It Is Important to Regional Law Firms And brings together the sought-after advice of a wide variety of experts including: + Toby Brown, chief practice management officer, Perkins Coie + Mike Roster, co-chair ACC Value Challenge and former managing partner of Morrison and Foerster's LA office + Jack Bostelman, president KM/JD Consulting LLC + Chris Boyd, senior director of professional services, Wilson Sonsini Goodrich & Rosati + Jim Hassett, founder of LegalBizDev + Wendy Wen Yun Chang, partner, Hinshaw & Culbertson LLP + Keith Maziarek senior director of client value, Perkins Coie + James G. Perkins, chief operating officer and chief compliance officer, Procopio + Mark Voigtmann, partner; Steve Petrie, chief strategy officer; Vanessa Savoie, senior strategic analyst & pricing analyst; and Tom Snavely, manager legal process improvement & project management, Faegre Baker Daniels The Mechanics of Law Firm Profitability: People, Process, and Technology provides practical and proven tips for all law firm leader on adjusting current processes and identifying opportunities for future profitability within their firms.

Auteur

TOBY BROWN Toby is the director of strategic pricing & analytics for Akin Gump. In this role Toby works with firm partners and clients in developing pricing arrangements and service delivery models that drive successful relationships. Prior to this, Toby served in similar roles for both Vinson & Elkins and Fulbright & Jaworski, where he also drove knowledge management (KM) initiatives and various marketing efforts. Before joining Fulbright, Toby served as the communications director for the Utah State Bar. In his tenure with the Bar, he also served as the CLE, access to justice and programs director.Toby presents nationally on legal pricing, marketing, technology, and law firm management for associations, law firms, legal departments, law schools, and paralegal programs. He has also published numerous articles on these topics. Toby has served on a number of legal services boards, bar association task forces, and legal market organizations. He received the Peer Excellence Award, the President's Award, and the Anne Charles Award from the National Association of Bar Executives. Toby maintains the ABA award-winning 3 Geeks and a Law Blog along with two colleagues, and can be found on LinkedIn. MICHAEL ROSTER Steering committee co-chair, Association of Corporate Counsel's Value Challenge JACK BOSTELMAN Jack Bostelman is president of KM/JD Consulting LLC in San Francisco, California, which advises law firm leaders on practice management, including knowledge management and other productivity improvements. Before founding KM/JD Consulting, Jack was a partner for over 20 years at pre-eminent AmLaw 20 firm Sullivan & Cromwell in New York City, where he had a nationally recognized transactional securities law practice and exercised management responsibilities. CHRIS BOYD Chris Boyd is senior director of professional services at Wilson Sonsini Goodrich & Rosati LLP in Palo Alto, California. Chris runs the firm's recruiting, training, and knowledge management programs, all of which are designed to help the firm deliver superlative value to its clients. Chris was previously an attorney at the firm and also led KM programs at several internet start-ups. JIM HASSETT Author and Founder, LegalBizDev. WENDY CHANG A partner at Hinshaw & Culbertson, represents lawyers in all types of complex matters that involve the practice of the law, including risk management counseling, ethics, crises management, fee related issues, discipline defense, hotline counseling, professional liability, and litigation defense. Ms. Chang is a certifi ed specialist in Legal Malpractice Law by the State Bar of California's Board of Legal Specialization. Ms. Chang is a member of the American Bar Association's Standing Committee on Ethics and Professional Responsibility, and is an advisor to the State Bar of California's Commission for the Revision of the Rules of Professional Conduct. She is a past chair of the State Bar of California's Standing Committee on Professional Responsibility and Conduct. TIMOTHY B. CORCORAN Timothy B. Corcoran has led very profitable companies as a senior executive of several prominent businesses serving the legal profession, as well as leading the business development function of one of the world's largest law firms. He now advises law firm leaders on how to profit in a time of great change, with particular emphasis on strategy, business process improvement, legal project management, and business development. He also advises legal vendors on market strategy and sales force readiness. He is a noted speaker and columnist and the author of Corcoran's Business of Law blog. ANTHONY DAVIS Best described as a lawyer's lawyer. Mr. Davis is a member of the Lawyers for the Profession (R) practice group and his practice focuses on the laws that govern lawyers. He advises attorneys and law fi rms on legal professional and ethics issues, law fi rm creation, merger and dissolution, risk management, and loss control. Mr. Davis is a lecturer-in-law at the Columbia University School of Law, teaching "Professional Responsibility Issues in Business Practice." As an adjunct professor of law, Mr. Davis taught "Legal Profession" at Brooklyn Law School for many years. Mr. Davis has served as a member of the New York City Bar Professional Ethics Committee and is a former chair of the Professional Development Committee. KEITH MAZIAREK Keith Maziarek recently joined Perkins Coie as the senior director of client value. In this newly-created role, Keith works closely with the legal operations executives at the fi rm's top clients to establish strategic pricing arrangements, implement customized communication/collaboration tools and effi ciency solutions, improve performance monitoring and reporting, optimize service delivery models, and establish metrics that will enable client legal departments to qualify and quantify the value they are capturing through their work with the fi rm. Prior to joining Perkins Coie, Keith served as Head of Strategic Pricing for DLA Piper LLP. There he developed, implemented, and managed the fi rm's strategic pricing, profi tability, and legal project management functions, with a focus on the practice in the Americas. DAVID J. PARNELL David J. Parnell is an author, speaker, Forbes and American Lawyer Media columnist, and the founder and principal of True North Partner…