The Future of Profitability Models and Analysis for Law Firms

This book combines trendspotting, exploratory intelligence with case studies and real-world examples of best practice.

The convergence of changes in the legal landscape - wider economic pressures, the growing implementation of legal technologies, the disrupting influence of alternative service providers and their competitive pricing offerings - mean that the corporatization of the law firm is well underway. The "business of law" is now more of a priority than ever before, with procurement and pricing professionals playing increasingly significant roles within firms and a growing focus towards the measurement and analysis of profit, rather than simply its generation, becoming apparent. With this becoming common practice, it is now essential for those at the helm of their firm's profitability to take a deep dive into its real fundamentals. The Future of Profitability Models and Analysis for Law Firms provides this kind of comprehensive exploration into the recent and revolutionary approaches firms are adopting in their pursuit of greater returns in this current period of renaissance for the law. Featuring contributions from field experts and thought leaders - including pricing directors, chief financial officers, and management consultants - combines trendspotting, exploratory intelligence with case studies and real-world examples of best practice to act as a launchpad for application and instruction.

Chapter 1: Budgeting and monitoring matters By Dwight Floyd, director of pricing and value at Eversheds Sutherland Chapter 2: Calculating profitability By James D Cotterman, principal at Altman Weil Chapter 3: The new paradigm - prioritizing profitability By Eugenia Frenzel, director of pricing and practice management economics at Perkins Coie Chapter 4: Avoiding false profits - a guide By Timothy B Corcoran, principal at Corcoran Consulting Group LLC Chapter 5: A roadmap to effective profitability reporting By Peter Lane Secor, chief pricing officer at Pepper Hamilton LLP Chapter 6: Tackling partner compensation By Ron Paquette, director of pricing at Akerman LLP Chapter 7: In favor of a client- and product-focused profitability analysis By Thomas W Van Der Moere, chief financial officer at Neal, Gerber & Eisenberg LLP Chapter 8: Strategic approaches to improve firm financials By Eddie Raychaudhuri, chief pricing and LPM officer at Berger Singerman Chapter 9: Leveraging profi tability By Madhav Srinivasan and Jim Foley, chief financial officer and pricing and legal project management director at Hunton Andrews Kurth LLP