April 23, 2007

Key Performance Indicator (KPI) Tracking for the Law Firm

10:03 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print Add Comment

Filed under Law Firm Bus Model, Subscriber Content by Tom Collins

Leave a Comment

Subscribe without commenting

February 26, 2007

Law Firm Business Management, Getting It Right

11:58 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print Add Comment

Filed under Law Firm Bus Model, Subscriber Content by Tom Collins

December 20, 2006

Law Firms Disappointed With Associate Hours

10:57 am

A legal consultant just said to me, “I deal with partners all the time who complain that associates aren’t working enough billable hours. When I dig further, I find they haven’t told associates what is expected of them.”

 

We are coming up on a new year.  While having a new year isn’t required to turn over a new leaf, it gives us reason to do so.  What do you expect from the firm’s professionals in 2007?  Grasp the opportunity that the start of a new year gives you to set individual goals and measure actual performance going forward.

 

Firms that plan, set goals, measure, and hold people accountable perform best.

 

PS: The Juris Law Firm of midsized is a step-by-step for increasing law firm partner income.  From now through the end of the year, you can purchase the survey for $187, half of its regular price, by clicking here for this special morepartnerincome holiday price.

 

Morepartnerincome.com is sponsored by Juris, Inc.  For information about Juris® products and services for increasing law and partner income, go to www.Juris.com.

 

 

Related posts

Permalink Print

Filed under Leverage by Tom Collins

December 19, 2006

A Road Map for Increasing Law Firm Partner Income

11:32 am

 

The Juris Law Firm of midsized is a step-by-step for increasing law firm partner income.  The survey DISCLOSES FACTORS THAT INFLUENCE PARTNER . The analysis and commentary included in the 55 page report provides recommendations based on the survey findings.

 

As the year comes to a close, I suggested that Juris, Inc. make the 55-page report available to loyal morepartnerincome readers at a discount. They agreed. From now through the end of the year, you can purchase the survey for $187, half of its regular price, by clicking here for this special morepartnerincome  price.

PS:  On January 16th and 17th I will be speaking at Managing Partner Luncheons, first in New York and then Philadelphia, on the subject of increasing partner income. The luncheon meetings are hosted by Network Alternatives, Inc. and are by invitation only.  Space is limited, but if you are interested in attending, contact Janine Brown at 215.702.3800 x225, or email jbrown@network-alternatives.com.

 

Morepartnerincome.com is sponsored by Juris, Inc.  For information about Juris® products and services for increasing law and partner income, go to www.Juris.com.

Related posts

Permalink Print

Filed under Blog by Tom Collins

September 21, 2006

Law Firm Business Model Is A Must Tool for the Managing Partner

10:33 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print

Filed under Law Firm Bus Model, Subscriber Content by Tom Collins

May 25, 2006

The Entrepreneurial Law Firm in Three Steps

10:52 am

The Entrepreneurial Law Firm in Three Steps

The entrepreneur’s sprit is a restless one. Here is a three-step classic that has been used by many entrepreneurs to transform a moderately successful service business into a significant financial success.

1. Figure out how to package the business’ services in order to market and price them like a product (the razor strategy)

2. Figure out how to add a service component to the packaged service product (the razor blade strategy)

3. Add amenities around the product and services to create a unique, high-value experience for the customer. 

Can the tried and true three steps work for a law firm? There are entrepreneurial firms already doing it. Here is a hypothetical example just to illustrate the application of the three steps:

1. An estate practice bundles its services in several different packages, each targeted to different segments of the population—the up-and-coming professional, the young married couple, the mature high-net-worth couple. The packages are sold for a fixed price, and promotional materials use the same look and feel as the brochure for a car.

2. An estate practice adds an optional monthly fee to its service package. This razor blade service includes updating the documents for changes in law and keeping the client informed of any changes or expected changes in taxes, laws, court , and regulations that might affect their estate or estate plan.

3. The estate practice adds an extension to its office along with upscale hospitality staff, all specifically designed to cater to higher-net-worth clients. Everything about their high-worth facility and services is designed to reinforce the special VIP status of the firm's high-net-worth clientele. The experience provided for the client benefit raises the firm to an entirely new level, attracting high-net-worth clients.

The key is to focus on opportunities and to think strategically.

  • What does the firm do best?
  • Who are the prospects for our service?
  • What distinguishes one type of prospect from the other?
  • What is unique about each type?
  • How can we build our services to appeal to some of the larger segments of the prospect population?
  • What is the value proposition that appeals to those groups?
  • How could we price this to be a success with the selected ?
  • What opportunities are there to provide a related ongoing service associated with the initial package of services?
  • What experiences, amenities, etc. would appeal to our target groups, making our relationship more valuable for them?

Can you apply the three-step strategy to areas where your firm excels? Give it a shot. Maybe the light will come on, and your firm will start operating at a new, faster pace—entrepreneurial speed.

Morepartnerincome.com is sponsored by Juris, Inc. For information about Juris® products and services for increasing law and partner income, go to www.Juris.com.

 

Related posts

Permalink Print

Filed under Alternative Billing, Marketing by Tom Collins

January 6, 2006

Law Practice Business Model

12:24 pm
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print

Filed under Law Firm Bus Model, Subscriber Content by Tom Collins

December 7, 2005

Tracking Law Firm Key Performance Indicators

11:39 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print

Filed under Law Firm Bus Model, Subscriber Content by Tom Collins

July 20, 2005

The Role of Measurement

1:18 pm

Effective management requires .

“The fourth basic element in the work of the manager is . The manager establishes yardsticks—and few factors are as important to the performance of the organization and every man in it. He sees to it that each man has measurements available to him which are focused on the performance of the whole organization and which, at the same time, focus on the work of the individual and help him do it. He analyzes, appraises, and interprets performance. As in all other areas of his work, he communicates the meaning of the measurements and their findings to his subordinates, to his superiors and to his colleagues.”
 
Having a useful is going to make the managing partner's job easier in two fundamental ways.   First, he or she will have confidence that their actions are aligned with the firm’s plan and they will have a practical for action.   Second, by outlining the priority actions, the partners or the managing partner can much more effectively delegate responsibility among the firm’s partners and associates. In doing so, the managing partner will be more effective and may actually have the capacity to do an effective job of leading the firm while still practicing law.  An actionable and measurable provides the firm’s leaders with a “framework for decision making” to ensure and actions are made consistent with the priorities and available resources of the firm’s owners.  Without such a framework, there is no reliable way to delegate and ensure that the of individual’s will be aligned with firm objectives.
 
In sports, it’s common to hear “it’s a new world record!”   Have you ever wondered why athletes measure everything they do and keep up with every imaginable statistic?  Why do football coaches and players spend hours and hours watching game film?  Why do pro cyclists install sophisticated computers on their bicycles to track everything from the weather, to altitude, to heart rate and power?  Did you know that six-time Tour de France champion Lance Armstrong’s cycling power output and his aerodynamic drag values are closely guarded secrets?   Why?   Because Lance knows that if competitors have something to aim for, they stand a better chance of beating him!  Athletes and coaches know that alone improves performance. Once you have something to shoot at, you can devise a plan to hit the target.  If you don’t know how to measure the goal or target, how is it possible to design a training plan or business plan to achieve a given result? It’s actually quite ironic that the sports world, who we know aren’t nearly as smart as we business professionals, understand the discipline of and goal setting much better than business people who all too often don’t measure anything and settle for whatever results they get from their efforts.
 
To develop a system to measure results and encourage accountability, you need to determine what you are going to measure and why.   As a general rule, you don’t need to measure everything that can be measured. And, you should avoid measuring results or activities that do not have a direct or material impact on your strategic objectives or the successful implementation of your . We suggest segmenting how you measure results as follows:
 
  1. Firm-wide (“KPI’s”)
  2. Exception Indicators
  3. Activity Measures
  4. Goal-specific Measurements
The next four postings will cover each of the four above segments.

 

Related posts

Permalink Print

Filed under Management, Planning by Tom Collins

March 19, 2005

Working with the Law Firm Business Model to increase income

3:59 pm
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print

Filed under Cash Flow Issues, Law Firm Bus Model, Subscriber Content by Tom Collins

Page 1 of 11