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An article on a recent PWC survey of UK law firms caught my eye. So I dug into it. The title “Top 10 UK Firms Use Int’l Growth To Grab Huge Revenue Slice” gave me the impression these firms were doing well by growing in international markets. So the questions for me were:
[Editors Note: As I was going through some of the details for my InfoNgen post from a couple weeks ago, InfoNgen’s Director of Sales, Jim Hanlon, pointed me to an online resource for setting up a mutually agreeable time to meet, in this case a phone call, called timetrade. I found it to be
Leading up to this final installment in our series – we have defined profitability for firms, described the four profit drivers and looked at how the market is pushing on all of this. In this post we take on how Legal KM can re-focus its efforts to help firms respond to all of this pressure.
The Hill
I had the honor and pleasure of sitting between Mary Abraham and John Gillies at the ARK KM Conference in New York City over the last two days. Mary and John are two of the most prolific and talented live tweeters on the planet. They attend conferences and tweet nearly every word coming from the
Having defined profitability and categorized the four drivers of profit for firms, in Part 4, we now turn to the market’s impact.
Why Does This All Matter?
Over the past five to ten years, there has been a significant shift in the economics of the legal market. Previously law firms were able to raise rates to increase
In Part 2 of this series we explored the impact of Rates and Realization on law firm profits. In Part 3 we look at the other two drivers: Productivity and Leverage.
The Profit Drivers:
Productivity (a.k.a. Utilization)
Productivity is the number of billed hours per timekeeper Most firms will have a benchmark productivity of 1800 or 1900 billable hours per
In Part 1 of this series, we introduced the concept of tying Legal KM (LKM) closer to a law firm’s bottom line We also introduced the concept of law firm profitability In Part 2 we explore the first 2 (of 4) profit drivers for firms: Rates and Realization
The Profit Drivers:
Rates
Although obvious, the point needs to be made. Billing Rates
For my role in the 2012 Ark-group KM Conference, I am talking about the economics of the practice of law to set the stage for how KM can better align itself with the bottom line. This series is from my materials for that conference. The first part describes the challenge for Legal KM and then moves to the economics – specifically talking
One of my favorite news aggregation resources is InfoNgen (pronounced: “Info-Engine”). I’ve been using it now for almost two years, and have found it to be an extremely useful tool in tracking current news on companies, topics, industries, and more. Recently, InfoNgen added a couple of features that improve the resulting newsletters as well as