Cover Story Accounting and Financial Planning for Law Firms

Though traditionally considered laggards when adopting new technology, law firms have recently started to explore new tricks to fortify performance across their organizations. While this evolution is critical to a firm's survival, it's important that firm administrators understand that substantive improvements are only possible through multi-directional change.

There is a patented methodology that follows the same path that the introduction of depreciation followed, with the impact being similar in its influence, power and effect: The AIM (Actuarially Initiated Measurements) Program. An employer using this methodology realizes the ability to uncover and maximize missed opportunities to control fluctuations and variations in earnings per share (EPS).

Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.

When it comes to practicing litigation, the use of technology is no longer optional. What is optional, however, is under which business model firms deliver this service to their clients, and how to determine which model balances the most value — to the client and the firm.