LawVision INSIGHTS Blog

Archive for Profitability Category

Posted In: Benchmarking Research, Compensation & Performance, Profitability

Cash Management Actions to Drive Profitability

Great attention is paid to rate and pricing strategy for many law firms but, paradoxically, managing cash flow well is frequently overlooked. Imagine

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Posted In: Legal Project Management, Profitability

Legal Project Management: Have You Noticed Your Profits?

Legal project management is all about improving your outcomes. Many firms have an enviable client roster, a strong track record, and deep practice

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Posted In: Compensation & Performance, Legal Process Improvement, Pricing Strategy, Profitability, Talent Strategy, Team Performance

2022 Profitability Strategy Checklist

While we are in the early days, 2022 has already delivered many gifts to us, including stock market volatility, high inflation, the advent

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Posted In: Compensation & Performance, Profitability, Talent Strategy

Shifting the Conversation on Associate Compensation: From “What Can We Afford?” to “Where Should We Be?”

There may be no single economic challenge facing law firms today bigger than the current war for talent.  Driven by transactional practices, the

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Posted In: NewLaw Business Models, Pricing Strategy, Profitability, Strategic Planning, Talent Strategy

Lost Momentum in the Evolution of the Law Firm Business Model

In the midst of a global pandemic, the legal industry has remained incredibly resilient as the demand for services – particularly deal support

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Posted In: ALSP, Law Firm Resilience, Profitability, Strategic Planning

You Should Know What You Don’t Know: Do You Really Understand Your Competition?

“World trade means competition from anywhere; advancing technology encourages cross-industry competition. Consequently, strategic planning must consider who our future competitors will be, not

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Posted In: ALSP, NewLaw Business Models, Profitability

Commoditized Work Can be a Gold Mine…Particularly with the Use of an ALSP

By Mike Short and Yvonne Nath Within many law firms, any variations on the word “commoditized” (i.e., commodity, commodification, commodified) are very bad

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Posted In: ALSP, NewLaw Business Models, Profitability

Law Firms Can Use ALSPs to Command an Additional 30% or More Profit Margin

By Yvonne Nath and Mike Short Take one type of client work for which you are competing on price. Pick something routine. Preferably work

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Posted In: Profitability

3rd Annual Law Firm Profitability Survey: Firms are Pressing Harder on New Profit Projects Anticipating the Post-Pandemic Environment

Iridium Technology and LawVision recently released the results of our 3rd annual law firm profitability survey that assessed the sentiment and performance of

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Posted In: Profitability

Your Realization is Wrong and What to Do About It

Realization, the long-standing hallmark of law firm performance, is ready for a makeover. While the metric is not inherently flawed, its calculation and

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