Profitability

Financial performance is an essential element of law firm management and strategic execution, yet there are many distractions and challenges that get in the way to achieve optimal results.  Part of the problem is the many variables operating at the same time and understanding the underlying root causes of the sub-optimal performance. Are partners informed about the rate strategy and assist in its execution?  Are they living their leverage strategy or going off track? Are they doing systematic client intake assessments on new client and matter risks.

At LawVision, we first learn our clients’ strategy, then do a diagnosis using data and firm feedback about its current performance.  We factor all relevant variables and consider the human factors into new work streams and policies while helping to set up support systems to keep things on track.  We will frequently review:

• Production optimization and leverage
• Pricing strategies and execution
• Intake strategies and risks
• Staffing and overhead efficiencies
• Practice performance for optimization and focus
• Profitability growth strategies
• Cash leakage and in-depth realization studies
• Profitability projects including simple profitability analyses to more sophisticated simulation
• Client, practice studies for profitability

While many of the projects described above suggest a very strong “by-the-numbers approach,” we have found that in fact these projects frequently require a human touch, and so all projects incorporate education, training, coaching and usually include the design of a partner support system to reinforce and guide lawyers during their normal routine.  In all cases, we match the project scope with firm priorities and their cultural readiness to embrace the opportunity.