Law Firm Profitability: Using Profitability Data to Improve Processes, Make Better Business Decisions, and Increase Net Income Per Partner

recording Law Firm Profitability: Using Profitability Data to Improve Processes, Make Better Business Decisions, and Increase Net Income Per Partner

You Will Learn:

How to use your firm’s profitability data to identify opportunities to:

  • Improve processes,
  • Make better business decisions, and
  • Increase net income per partner.
Access the pre-recorded audio conference
$365.00
 

Profitability should be pretty straight forward… revenue minus expenses equals profit.

While it sounds simple, the challenge is that the traditional law firm partnership financial reporting models do not lend themselves to easy analysis and comparison.

In order to accurately measure and increase profitability, firms need to develop improved analysis tools that maximize the way they apply profitability data.

Learning Objectives

A must for every law firm partner, this comprehensive webinar will explore how to use your firm’s profitability data to identify opportunities to:

  1. Improve processes,
  2. Make better business decisions, and
  3. Increase net income per partner.

During this power-packed session, our expert faculty will examine the most current factors affecting profitability analysis and methods to apply profitability data for:

  1. Budgeting:
    • Target profit margins for timekeepers
    • Ongoing comparison of real profitability performance to budgeted performance
    • Allocation of resources
  2. Crafting and Managing Alternative Fee Arrangements (AFAs):
    • Risk versus reward
    • Designing and retaining AFA profitability
  3. Hiring and Salary Decisions
    • Combination of salary, fringe benefits and overhead
    • Reasonable profit margin for different levels of attorneys and paralegals
    • Incorporating expected profit (first year, second year, etc.) into the negotiation with a lateral attorney

You will also learn profitability reporting best practices, and how to improve firm efficiency by applying profitability information as it relates to:

  • Individual matters
  • Clients
  • Partners, and
  • Practice groups

Product ID: 5633

Discover How to Develop Improved Analysis Tools that Maximize the Way they Apply Profitability Data!

Order my recording now

Faculty

William Josten, Esq.
William Josten, Esq.
National Law Firm Profitability Specialist, Thomson Reuters

Bill Josten is the Westlaw National Firm Profitability Specialist, consulting with Large and Medium law firms nationwide on strategies regarding pricing, profitability, and cost recovery. Bill has also worked with large law firms as a National Account Representative and as a Reference Attorney. Prior to joining Thomson Reuters, Mr. Josten was an attorney practicing in criminal defense and general civil litigation. Bill was previously an Adjunct Professor of Law at the University of St. Thomas School of Law in Minneapolis, Minnesota, and has clerked at the Minnesota Court of Appeals.

James A. Loef­fler
James A. Loef­fler
CPA, CFE, Cer­ti­fied Six Sigma Black Belt, CEO, LegalEye

Jim has over twenty years of finan­cial, oper­a­tional and infor­ma­tion tech­nol­ogy expe­ri­ence, which includes lead­er­ship roles with Ernst & Young LLP (EY), Camp­bell Soup Com­pany and MBNA Amer­ica (Bank of Amer­ica).  He founded Legal­Eye® in 2005 with the mis­sion of help­ing busi­nesses and the law firms that serve them reduce and con­trol legal costs and the processes and risks that drive them.  As a CPA, Jim has devel­oped and imple­mented scal­able data min­ing and analy­sis pro­to­cols, finan­cial report­ing struc­tures and data visu­al­iza­tion solu­tions that engage diverse groups of stake­hold­ers.

Peter Lane Secor
Peter Lane Secor
Director of Strategic Pricing and Project Management, Pepper Hamilton LLP

Peter Lane Secor is the director of strategic pricing and project management with Pepper Hamilton LLP. Mr. Secor concentrates on legal project management, with focuses of improving efficiencies through shared management responsibilities,strengthening communication and making value transparent.

Discover How to Develop Improved Analysis Tools that Maximize the Way they Apply Profitability Data!

Order my recording now

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