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Headlines
An Economic and Demographic Case for Alternative Fee ArrangementsWe have known for some time that the law profession is aging. Until now, the effect that such aging could have on law firm revenues has been entirely masked by law firms raising hourly billing rates well in excess of general inflationary pressures, rising costs of operations and the increased experience of its practitioners. Now we are in an environment where competitive and market forces will almost certainly alter the ability to raise hourly billing rates consistent with historic patterns. The time has come to embrace alternatives to hourly pricing.
Strategic SourcingLaw firms face an ongoing challenge to reduce costs. Proactive firms can reduce their recurring costs for goods, equipment and services while maintaining quality and service levels by developing and implementing strategic sourcing programs. Strategic sourcing involves systematically examining spending as a whole and developing a holistic strategy to achieve greater savings than could be gained by "one off" cost-cutting measures. While strategic sourcing does not include payroll costs, enhancing the quality of non-payroll services will indirectly help payroll cost management.
Valuation of a Law PracticeMy firm has emphasized valuation services for over two decades, with a particular recognition for our work with professional service firm valuation, and more particularly in valuing law firms and ownership interests in law firms for a broad array of purposes ranging from dissolution of marriage, estate tax, shareholder disputes, and more recently in engagements to assist law firm ownership to protect and enhance value.
The Drive Toward Performance Measurement in Law Firm Administrative FunctionsIn response to increased pressure, administrative leaders are seeking out ways to measure the performance of administrative functions — to justify the function’s staffing and costs and to demonstrate the group’s value to firm leadership. The drive for performance measurement programs in law firms entails a shift toward careful assessment and analysis of the overall performance of various law firm administrative functions and their respective value to the firm.
February 2010 Issue in PDF Format
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