Performance Measurement for Law Firms

With rising competition putting pressure on law firms to raise their performance levels, Alan Hodgart’s much anticipated new report on Performance Measurement for Law Firms could not have come at a better time.

Hodgart, an acknowledged industry expert, provides practical step-by-step guidance on how to effectively measure the performance of your fee earners, core support functions and overall firm.

Hodgart highlights the key challenges many law firms face when measuring performance and provides critical advice on how to tackle them successfully through the development of an effective performance measurement system. Key topics covered include:

- Measuring performance in law firms – what it means and what to measure;
- The key financial measures of profitability and how to calculate them – cost, profit, revenue;
- The data and financial information required at firm and practice-group level;
- The effective use, and abuses of financial data;
- Aligning the economic structure of your type of work to maximize profitability;
- Implementing an effective performance measurement system;
- How to measure the performance of your fee earners and support staff – finance, IT, Marketing, HR, KM and other;
- Client profitability, project management and much more…

The report focuses particularly on profitability and demonstrates how it can be used to monitor and compare the outcomes of working with different clients to project future revenue and profit levels.

It also includes a useful appendix – an ‘Economic Template’ which demonstrates how to assemble the relevant data to manage the financial performance of your firm.

Performance Measurement for Law Firms is essential reading for any firm looking to measure and enhance all areas of their performance.

Strategy Development for Practice Group Leaders

The practice group leadership role has changed dramatically over the past couple of years. Those who have survived the economic downturn have had to not only hold the fort, but to rebuild business and capitalise on the opportunities arising out of an easing but still uncertain economic landscape.

Managing Partner’s new report - Strategy Development for Practice Group Leaders, looks at the role of the practice group leader within the context of this more difficult and changing environment, in which the practice group leader needs to be fully engaged not only with the demands of his or her own team, but also with the practice group’s position within the changing strategy of the business as a whole.

This report assesses the new role of the practice group leader, the tools they will need, and the management strategies they will need to implement within the changing legal landscape, highlighting issues including:

- The practice group leader for the 21st century law firm.
- What it means to be a practice group leader today
- Attracting and retaining clients, raising the group’s profile internally and externally
- Measuring and improving performance and profitability
- Reducing risk, and implementing innovative cost-management and client strategies to capitalise on market opportunities;
- Recruitment, retention and talent development at the practice group level
- Motivating and incentivising teams through on-going economic uncertainty;
- Financial management and the all-important implementation of alternative fee arrangements;
- Marketing and CRM strategies for practice group leaders including the role of social media marketing in profile raising techniques;
- Diversity and initiatives for women at practice group level;
- Risk management – particularly in terms of practice group supervision, and client and matter intake; and
- Successor issues – what happens when a great practice group leader announces their departure? And what can firms do to cushion the potential blow?
Case studies from numerous practice group leaders from leading law firms provide essential insights into the issues above, from those directly in the know.