Posted In: Pricing Strategy, Profitability, Uncategorized
How to Think About Your Pricing Potential
Pricing is a vital topic today. And firms are often surprised when told that their current pricing approach costs them multiple millions of
LawVision INSIGHTS Blog
Posts Tagged ‘law firm profitability’
Posted In: Legal Project Management
The Gig is Up in 2023: Where’s Your LPM?
In the first full pandemic year, law firm pricing outpaced inflation. It seemed that law firms couldn’t lose. It’s a new day, though,
Posted In: Legal Project Management, Uncategorized
From the Frontlines: The Latest in Legal Project Management
In Midtown Manhattan, the temperatures soared to a spring-like 50 degrees when nearly 400 people attended this year’s Practising Law Institute (PLI) on
Posted In: Law Firm Resilience, Pricing Strategy, Profitability, Uncategorized
Making the Right Moves in a Year of Uncertainty
Recent legal industry reports[1] (i.e., the Citi Advisory and Georgetown Report) have highlighted financial performance for law firms in 2022, which presented law
Posted In: Law Firm Resilience, Mergers & Acquisitions, Strategic Planning, Uncategorized
Keeping Your Options Open: Preparing for Strategic Flexibility in a Competitive Legal Environment
While the post-pandemic merger pace is slower than many expected, law firm combinations are clearly on the rise. More significantly, recent announcements suggest
Posted In: Business Development, Legal Sales
Leading Marketers Weigh in on Rethinking Law Firm Pitches and Proposals
During the pandemic, buyers of legal services not only increased the number of Requests for Proposals (RFPs) issued, but also deployed new technologies
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
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
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
Posted In: Profitability
Manage Profitability or Rely on Luck: Why Law Firm Profitability Matters More than Ever
A few weeks ago, I addressed “What’s Next for the Legal World?” in a post focused on critical challenges facing law firms. In