Why this report, why now?
We began 2020 in bright spirits and bountiful economic conditions; by early March all that had changed. Economic adjustments were made and, overall, firms ended the year in much better shape than their spring worst-case projections anticipated. Some firms were even close to their original 2020 profit expectations to date – largely due to quick actions to curtail expenditures as COVID-19 got underway in the US. Adjusting the Numbers: The Future of Finance in Law Firms looks back at a year like no other in our lifetimes, highlighting pricing, budgeting, strategic planning and people management principles, and identifying good compensation practices that can be applied during the pandemic, its gradual cessation, and beyond.
Unique selling points:
First title to look at financial performance post-COVID, focusing on pricing, compensation, financing, KPIs and partner management.
Inhoudsopgave
Executive summary…………………………………………………………………………………………………….. vii
About the authors……………………………………………………………………………………………………….. xi
Chapter 1: Good compensation practices during COVID-19……………………… 1
By James D. Cotterman, Altman Weil
Chapter 2: Retaining your pricing confidence in challenging times……….. 7
By Stuart Dodds, Positive Pricing
Step 1: View pricing as a process………………………………………………………………………. 9
Step 2: The power of small changes……………………………………………………………….. 9
Step 3: Segmenting your clients……………………………………………………………………….. 10
Step 4: Helping your clients………………………………………………………………………………… 10
Step 5: Managing your discounts…………………………………………………………………….. 11
Step 6: Reviewing and refining your practice group pricing
approaches………………………………………………………………………………………………………………. 12
Step 7: Reviewing and selectively increasing your rates…………………………… 13
Step 8: Keeping a clear focus on your cashflow and Accounts
Receivable………………………………………………………………………………………………………………. .. 13
Chapter 3: Partner performance – becoming and remaining a
partner………………………………………………………………………………………………………………. ……………. 15
By Timothy B. Corcoran
To have under-performance, you must first have performance…………….. 16
The Full Monty………………………………………………………………………………………………………… 17
Planning for success……………………………………………………………………………………………… 18
Evaluating performance (AKA where managers earn their pay)…………… 19
Carrots and sticks…………………………………………………………………………………………………… 20
Contents
iv
Contents
Chapter 4: Pricing, budgeting, and KPIs – all change after 2020? ………….. 23
By Mary Juetten, Traklight
Law is a business …………………………………………………………………………………………………… 23
Data before decision…………………………………………………………………………………………….. 24
Cash is king………………………………………………………………………………………………………………. 24
KPI basics………………………………………………………………………………………………………………. …. 25
Five common KPIs…………………………………………………………………………………………………. 26
The “I” in KPI……………………………………………………………………………………………………………. 30
Budgeting is an art, not science………………………………………………………………………… 31
Pricing requires old math…………………………………………………………………………………….. 31
Chapter 5: The impact of COVID-19 on legal service delivery and client
expectations ………………………………………………………………………………………………………………. … 35
By Richard Brzakala
The new legal marketplace………………………………………………………………………………… 35
Buying legal services…………………………………………………………………………………………….. 36
The COVID-19 transformation………………………………………………………………………….. 37
Pricing approaches………………………………………………………………………………………………… 39
Client expectations……………………………………………………………………………………………….. 40
Strategic change ……………………………………………………………………………………………………. 41
Transforming legal service delivery………………………………………………………………….. 43
Chapter 6: Options for law firm financing in difficult times………………………. 45
By Andrew O’Connor and Louis Young, Augusta Ventures
The five typical financing options available to law firms…………………………. 45
Litigation finance as a risk-free option……………………………………………………………. 47
The mechanics of litigation finance ………………………………………………………………. 49
Commercial models for utilizing litigation financing…………………………………. 51
Model two – portfolio funding …………………………………………………………………………. 51
Model three – law firm funding ……………………………………………………………………….. 52
Conclusion………………………………………………………………………………………………………………. .. 52
v
Adjusting the numbers: The future of finance in law firms
Chapter 7: A flexible financial future…………………………………………………………………… 55
By Andy Poole, legal sector partner, Armstrong Watson
How law firms have historically managed their practices and
finances………………………………………………………………………………………………………………. ……. 55
The impact of COVID-19 on the performance and finances of law
firms………………………………………………………………………………………………………………. …………… 57
Anticipated impacts on law firms as we emerge from COVID-19…………. 58
Lessons learned from the COVID-19 experience…………………………………………. 60
Law firms of the future ………………………………………………………………………………………… 62
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