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Matter profitability matters. Yet most firms struggle to measure it in a manner that is accurate, focused on the levers partners control, and inclines partners to take action. Using margin per-partner-hour (MPH) to measure profitability delivers on these objectives.
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Economics tells us an industry that experiences a drop in aggregate demand, adds production capacity, and increases the market overlap among competitors will suffer price erosion and profitability decline. Law firms fit this profile. Yet, in talking with law firm partners, you don't get the sense that any such "disruption" is happening. Perhaps economics has bypassed law?
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Cyber attacks and theft are on the rise around the country, and law firms are becoming prime targets. Unlike manufacturers, banks and retailers, law firms are unique organizations that are highly vulnerable.
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Discussion of a survey that highlights what the client is really thinking, and how law firms can effectively respond.
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One aspect of law firms that is becoming increasingly of interest to clients — and an area that might offer opportunities for differentiation — is law firm commitment to increasing and sustaining diversity.
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What is missing in driving revenue growth at law firms is accelerating leadership. It is one of 12 exceptional management practices that firms should focus on, including branding, building client value, strategy, team building, and so forth.
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Law firms may want to leverage a specific law firm management technology to gain a competitive advantage in the marketplace, but might not want to purchase those tools outright. How are you equipping your firm to succeed both in the present day and into the future?
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The art of speaking, understanding, asking and developing dialogue has been eliminated in this fast-paced, quick-reply, "do it now" universe we now live in. Sure, we can communicate around the world in seconds, and conduct business at extraordinary speed; however we have lost the "human" elements of conversation. And it matters!
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At press time, DLA Piper was still recovering from its massive cyberattack, with insurance brokers claiming that the resulting upheaval could lead to costs "in the millions" for the firm.
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</b><i.What Does It Mean to Me?</b></i><p>While there are many items and complexities to the new rule, this article focuses on the basic premise of why the rule was developed and adopted and the effect on the retirement landscape and the players involved.
