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Law Firms 'Building a Case' for Automated e-Procurement Solutions

By John H. Hutchinson, Andrew Gastwirth and Frank A. Davis, Jr.

Law firms are most often ranked by their ability to produce and grow revenue and profits per partner (“PPP“). As a result, law firm management teams have historically focused on increasing revenues and PPP to attract talent and gain prestige in the marketplace. In a further effort to compete, mergers and acquisitions are sought to better position firms in winning over new clients, and to broaden service capabilities to existing clients.

In today's economy, the demands of clients are causing a shift in the strategic focus of some law firm executives. Firms still have to remain competitive in attracting top talent to build revenue, but now more than ever, they face the challenge of offering competitive rates on top of best-class customer service to their clients. While we have seen a dramatic rise in attorney salaries, we have seen an even greater rise in the costs of doing business and a reduced willingness by clients to foot the bill. In response to these trends, law firm executives are now experiencing an increased pressure from their partnership to strengthen the bottom line by optimizing administrative performance.

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