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
The American Association of Law Libraries (AALL) and the International Legal Technology Association (ILTA) has collaborated to create a white paper on the set of skills needed for today’s librarian and information services professionals. Whether it is Knowledge Management, working with Practice Groups, Competitive Intelligence, Electronic Books, or the evolving trends
We’re all cruising through the ILTA Conference session titles now in the final stages of making our maps through the Gaylord’s throng of session rooms. One session title that jumped out was John Alber’s Thursday afternoon session: “Five Reasons Why Terms Like “Practice Support,” “Knowledge Management” and “Financial Services” Miss the Point.” That session
If you have a service that gets 20 million unique users a month, and you have personal information on those users, what could you do with it? For the staffers at music streaming site, Grooveshark, the answer was to build a free tool that shows the demographics, culture and lifestyles, habits, and product preferences
I had the honor of presenting to at the Texas Library Association Conference here in Houston today. The topic was on Library and Knowledge Management’s collaborative roles within a firm, and how they can work together to bring in better processes, automate certain manual procedures, and add analyze data in a way that makes it
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I know that others in the library world have talked about Seth Godin’s “Stop Stealing Dreams” book, but I just read over his section on The Future of the Library, and although it reads a bit like Seth is bipolar on some of the issues, there was one paragraph that
