For many of our clients, as a successful independent law firm, management is the priority - to consolidate their market position and maintain their independence. This is no easy task with the advent of Alternative Business Structures.
Law Firm Management and Performance Management
Our Pipeline model allows us to measure all areas of individual fee earner performance, as well as overall performance - from new clients and matter openings, through to billing and collection.
The result is that, whatever your area of law, revenue will increase and profits will improve. Law firm management is far from simple, but we can help you achieve substantial and long-lasting improvements in the financial performance of your firm.
Practicing the Law, Management - and Life
However, being a professional is not just about money; there are a number of things that contribute to a successful, fulfilling professional career.
For several years now, we have focused on the following definition of success:
“I like the work that I do, the clients I work with, and the people I work with; and I have enough time left over and enough money from my work to enjoy the rest of my life.”
This highlights five attributes:
• work content
Firms often make the mistake of emphasising financial rewards to the exclusion of the other aspects of professional life and, when we map the answers that we are given, we find that it reveals a great deal about the different aims and aspirations of partners in a firm.
Our aim is to help our clients satisfy the objectives of far more of their partners and create a common purpose and direction for their firm.
Lawyer, Manager, Rainmaker
If your firm is to be profitable and successful, then you must ask not only what the partners and fee earners want from their work – but also what skills they should bring to the firm.
Being outstanding lawyers is certainly a necessary condition for running a successful law firm, but it is far from sufficient.
We therefore use a short questionnaire for analysing the competencies of the key people in a firm, which we call the LMR survey. We simply ask people to rate themselves and their partners as Lawyers, Managers and Rainmakers.
Successful partnerships need people who are not only excellent practitioners of the law - management and bringing in business are also crucial. We often find that skills are being wasted and people are being asked to perform tasks that they are not adequately trained to carry out.
As a result of many years spent grappling with these challenges, we have developed a programme that equips that fee earners and partners with the business skills they require. Just as you are experts on the law, revenue, finance and management are our areas of expertise. These are the skills we address in our Profitable Partnerships Programme.
If you would like a conversation about how we can help you achieve your own unique objectives, please contact us.