Quantcast

Tag Archives: Coach’s Corner

Top 10 ways to increase law firm revenue (access required)

Top 10 lists have long been a journalistic staple, but their ongoing role on David Letterman’s television show has made their use almost a cliché. Even so, a concise ranking can combine the value of focus with brevity. And there is nothing on which any business, including a law firm, should be more focused than increasing revenues.

Read More »

It’s not just a lease, it’s a strategic planning tool (access required)

I received a call from a lawyer wanting to know what percentage of his gross revenue should be allocated to rent and whether his percentage was in line with other law firms. I cited one study that put the average at 9 percent, but his comeback was that another consultant said the average was 12 percent. Such generic numbers totally miss the point on two levels. First, they allow lawyers to think that they need not try to do better than the average. And second, they obscure the point that the cost of office space is a statement about the law firm itself, raising issues that should be addressed in a strategic plan.

Read More »

You’re a practice group leader – now what? (access required)

The practice group structure has become an accepted organizational model in many firms. Such groups can also be called departments, teams or some other designation, but the concept behind them is fundamental. Practice groups organize and focus the firm’s resources in a given area of legal discipline to improve client-service quality, marketing performance, lawyer training and development, and competitive effectiveness. Practice groups reinforce to the client that service is provided by the entire firm and not just one lawyer.

Read More »

Coach’s Corner: Your lease is a strategic planning tool, make use of it

I received a call from a lawyer wanting to know what percentage of his gross revenue should be allocated to rent and whether his percentage was in line with other law firms. I cited one study that put the average at 9 percent, but his comeback was that another consultant said the average was 12 percent. Such generic numbers totally miss the point on two levels. First, they allow lawyers to think that they need not try to do better than the average. And second, they obscure the point that the cost of office space is a statement about the law firm itself, raising issues that should be addressed in a strategic plan.

Read More »

Coach’s Corner: What makes a law firm a good place to work?

Every law firm is, or should be, a team, with lawyers, staff and support personnel committed to a team effort for providing the best possible service and work product for the benefit of clients. Involving everyone in the office so that they feel a sense of inclusiveness, understanding their roles and looking forward to exercising them, creates a better and more successful firm. At too many law firms, unfortunately, this does not exist.

Read More »

Coach’s Corner: Dissolution should not be a firm’s only contingency

Clients clamor for alternatives to hourly rate billing because they want lawyers to have an incentive stake in the outcome of a matter. This is the case with contingency fees, where lawyers get a flat percentage of the value earned for the client. Contingency fees are often used in litigation, from personal injury cases to high-stakes corporate disputes.

Read More »

Coach’s Corner: ‘They can’t replace ME with a computer’

We have frequently written about how computer technology is a two-edged sword that can offer cost-efficient advantages to the law firm that leverages it, or can be the death knell to the law firm that does not keep pace. Nowhere was this duality been better illustrated than in a recent story in The New York Times. Its headline alone should give any member of the profession pause: "Armies of Expensive Lawyers Replaced by Cheaper Software."

Read More »

Coach’s Corner: Objectively measure ‘value’ when selling a practice

Lawyers interested in growing their practice are well advised to seek practitioners who want to sell and harvest their legacy. I've negotiated such deals, and it always strikes me as odd that such prospective buyers think that law practice is unique, that the process cannot be conducted as other businesses, professional, service and manufacturing, are conducted.

Read More »