Lanterna Rally

Author: Helen Roche

Publisher: Exhibit A

Published: 2013

Total Pages: 110

ISBN-13: 9781908640833

Law firms today are undergoing a period of continued change and competition. Law firm leaders are faced with increased pressure to raise revenues despite growing competition and changing client demands. The slow pace of growth in the global economy has had an impact on law firms, and many continue to fight to remain profitable in the wake of the economic downturn. Additional factors, such as changing regulation in the UK which has opened up the legal industry to new entrants, and the focus on alternative fee arrangements and new pricing methods in both the UK and the US, can further the demands on law firms to compete and grow. As a result, law firm leaders are under pressure to find new and better ways to increase productivity and profitability. Targeting Profitability: Strategies to Improve Law Firm Performance is an expert guide on profitability strategies for law firms. This report brings together the views of respected experts on law firm profitability from both the UK and the US, and it outlines specific areas within a firm that can be targeted to introduce improvements, adapt processes and training, and as a result increase profitability. These experts share their views on what impacts profitability within a firm, and they provide advice and tips on what can be done to make improvements. A law firm's overall objective should be to meet changing client and market needs in a manner that is profitable, and this report sets out important steps law firm leaders can take in order to meet those objectives.