Law Firm Management

Features

For the past 20 years, law firms have annually increased their hourly rates on the basis of various ad hoc criteria ' what the market will bear, matching the competition, cost-plus, maintaining profit margins ' that neither firm members nor clients find satisfactory. Alternative pricing methods (fixed fees, percentage of the deal, etc.) have long been advocated as a solution to hourly billing discontents, but in practice, for a large majority of firms they remain limited in application. Firms whose clients expect fees to be charged on an hourly rate basis therefore require a rational means of constructing an hourly rate schedule that is transparent and acceptable to clients as well as defensible within the firm.

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It all started when communications director Peter Columbus left O'Melveny & Myers for a position at Kaye Scholer this fall. To fill the opening at O'Melveny, John Buchanan left his job at Heller Ehrman. To fill that slot at Heller, Patrick Bustamante left his post at DLA Piper. 'Clearly there's a domino effect,' Buchanan said.

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Managing a small, medium or large law firm can be a daunting task, especially when piled on top of legal practice responsibilities. The combination of time, tasks, politics and personalities can seem overwhelming as firm managers strive to consider: 'What values are most important to clients?' as part of an overall firm management approach.<br>The key to overcoming these pressures and competing effectively is a strategy of innovation and differentiation.

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First came business card exchanges, then networking events, then law firms became more organized and developed marketing databases to keep track of all clients, potential clients, referral sources and mailing lists. Then along came Client Relationship Management systems otherwise known as CRM. Now we have ERM (enterprise relationship management), RCM (relationship capital management) and more acronyms than you can shake a stick at. No matter what the new technology, the bottom line persists: Lawyers need to maintain and grow their world of relationships in order to be successful and generate revenue.

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At top-rated firms, lawyer development and training has become the cornerstone of successful recruiting programs for both law school and lateral recruiting efforts. This trend assures that firms with active development programs will continue making significant investments in their attorney and potential attorney's futures via their professional development programming.

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Has the importance of billing time all but eclipsed the potential gain of going out to lunch with a prospective client? As profits per partner keep skyrocketing, the case needs to be made for the old-fashioned business lunch. Clever 'rainmakers' have a keen eye for business development. They have realized that this forum presents a brilliant opportunity for networking and smoking out new opportunities. New clients aren't lining up outside your office so get smart and get out of that chair!

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e-Commerce records may have less legal protection from disclosure than traditional commerce records ' a situation that might cause some concern for e-commerce company principals, their counsel and customers ' even after the companies, and the law firms representing them, no longer exist.

Features

Do your current clients provide a steady stream of work that keeps all your lawyers busy? Are new clients constantly knocking at your door with new work based solely upon your firm's reputation? If that's your situation, stop here and read no further. You are in law firm nirvana.<br>Unfortunately, the other 99% of you managing partners are not so lucky.