James D Cotterman, Stuart Dodds, Tim Corcoran, Mary Juetten, Richard Brzakala, Louis Young, Andrew O'Connor, Andy PooleThe Future of Finance in Law Firms
Adjusting the Numbers
The Future of Finance in Law Firms
Herausgeber: Davies, Alex
James D Cotterman, Stuart Dodds, Tim Corcoran, Mary Juetten, Richard Brzakala, Louis Young, Andrew O'Connor, Andy PooleThe Future of Finance in Law Firms
Adjusting the Numbers
The Future of Finance in Law Firms
Herausgeber: Davies, Alex
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Why this report, why now? We began 2020 in bright spirits and bountiful economic conditions; by early March all that had changed. Economic adjustments were made and, overall, firms ended the year in much better shape than their spring worst-case projections anticipated. Some firms were even close to their original 2020 profit expectations to date – largely due to quick actions to curtail expenditures as COVID-19 got underway in the US. Adjusting the Numbers: The Future of Finance in Law Firms looks back at a year like no other in our lifetimes, highlighting pricing, budgeting, strategic…mehr
Why this report, why now? We began 2020 in bright spirits and bountiful economic conditions; by early March all that had changed. Economic adjustments were made and, overall, firms ended the year in much better shape than their spring worst-case projections anticipated. Some firms were even close to their original 2020 profit expectations to date – largely due to quick actions to curtail expenditures as COVID-19 got underway in the US. Adjusting the Numbers: The Future of Finance in Law Firms looks back at a year like no other in our lifetimes, highlighting pricing, budgeting, strategic planning and people management principles, and identifying good compensation practices that can be applied during the pandemic, its gradual cessation, and beyond. Unique selling points:First title to look at financial performance post-COVID, focusing on pricing, compensation, financing, KPIs and partner management.
Produktdetails
- Produktdetails
- Verlag: Globe Law and Business Limited
- Seitenzahl: 79
- Erscheinungstermin: 30. März 2021
- Englisch
- Abmessung: 237mm x 158mm x 6mm
- Gewicht: 136g
- ISBN-13: 9781783584048
- ISBN-10: 1783584041
- Artikelnr.: 62124091
- Herstellerkennzeichnung
- Libri GmbH
- Europaallee 1
- 36244 Bad Hersfeld
- gpsr@libri.de
- Verlag: Globe Law and Business Limited
- Seitenzahl: 79
- Erscheinungstermin: 30. März 2021
- Englisch
- Abmessung: 237mm x 158mm x 6mm
- Gewicht: 136g
- ISBN-13: 9781783584048
- ISBN-10: 1783584041
- Artikelnr.: 62124091
- Herstellerkennzeichnung
- Libri GmbH
- Europaallee 1
- 36244 Bad Hersfeld
- gpsr@libri.de
By James D Cotterman; Stuart Dodds; Tim Corcoran; Mary Juetten; Richard Brzakala; Louis Young; Andrew O'Connor and Andy Poole - Edited by Alex Davies
Executive
summary....................................................................................................................
viiAbout the
authors.......................................................................................................................
xiChapter 1: Good compensation practices during
COVID-19........................... 1By James D. Cotterman, Altman
WeilChapter 2: Retaining your pricing confidence in challenging
times........... 7By Stuart Dodds, Positive PricingStep 1: View pricing as
a
process..................................................................................
9Step 2: The power of small
changes..........................................................................
9Step 3: Segmenting your
clients...................................................................................
10Step 4: Helping your
clients.............................................................................................
10Step 5: Managing your
discounts................................................................................
11Step 6: Reviewing and refining your practice group
pricingapproaches...............................................................................................................................
12Step 7: Reviewing and selectively increasing your
rates................................. 13Step 8: Keeping a clear focus on
your cashflow and
AccountsReceivable...............................................................................................................................
.. 13Chapter 3: Partner performance – becoming and remaining
apartner...............................................................................................................................
................ 15By Timothy B. CorcoranTo have under-performance, you
must first have performance................. 16The Full
Monty........................................................................................................................
17Planning for
success............................................................................................................
18Evaluating performance (AKA where managers earn their pay)...............
19Carrots and
sticks..................................................................................................................
20ContentsivContentsChapter 4: Pricing, budgeting, and KPIs – all change
after 2020? .............. 23By Mary Juetten, TraklightLaw is a business
..................................................................................................................
23Data before
decision...........................................................................................................
24Cash is
king...............................................................................................................................
24KPI
basics...............................................................................................................................
.... 25Five common
KPIs................................................................................................................
26The “I” in
KPI............................................................................................................................
30Budgeting is an art, not
science....................................................................................
31Pricing requires old
math..................................................................................................
31Chapter 5: The impact of COVID-19 on legal service delivery and
clientexpectations
...............................................................................................................................
... 35By Richard BrzakalaThe new legal
marketplace.............................................................................................
35Buying legal
services...........................................................................................................
36The COVID-19
transformation......................................................................................
37Pricing
approaches...............................................................................................................
39Client
expectations..............................................................................................................
40Strategic change
...................................................................................................................
41Transforming legal service
delivery.............................................................................
43Chapter 6: Options for law firm financing in difficult
times............................ 45By Andrew O'Connor and Louis Young,
Augusta VenturesThe five typical financing options available to law
firms............................... 45Litigation finance as a risk-free
option......................................................................
47The mechanics of litigation finance
.........................................................................
49Commercial models for utilizing litigation
financing........................................ 51Model two – portfolio
funding
.....................................................................................
51Model three – law firm funding
...................................................................................
52Conclusion...............................................................................................................................
.. 52vAdjusting the numbers: The future of finance in law firmsChapter 7: A
flexible financial
future..............................................................................
55By Andy Poole, legal sector partner, Armstrong WatsonHow law firms have
historically managed their practices
andfinances...............................................................................................................................
....... 55The impact of COVID-19 on the performance and finances of
lawfirms...............................................................................................................................
............... 57Anticipated impacts on law firms as we emerge from
COVID-19............. 58Lessons learned from the COVID-19
experience................................................. 60Law firms of
the future
......................................................................................................
62
summary....................................................................................................................
viiAbout the
authors.......................................................................................................................
xiChapter 1: Good compensation practices during
COVID-19........................... 1By James D. Cotterman, Altman
WeilChapter 2: Retaining your pricing confidence in challenging
times........... 7By Stuart Dodds, Positive PricingStep 1: View pricing as
a
process..................................................................................
9Step 2: The power of small
changes..........................................................................
9Step 3: Segmenting your
clients...................................................................................
10Step 4: Helping your
clients.............................................................................................
10Step 5: Managing your
discounts................................................................................
11Step 6: Reviewing and refining your practice group
pricingapproaches...............................................................................................................................
12Step 7: Reviewing and selectively increasing your
rates................................. 13Step 8: Keeping a clear focus on
your cashflow and
AccountsReceivable...............................................................................................................................
.. 13Chapter 3: Partner performance – becoming and remaining
apartner...............................................................................................................................
................ 15By Timothy B. CorcoranTo have under-performance, you
must first have performance................. 16The Full
Monty........................................................................................................................
17Planning for
success............................................................................................................
18Evaluating performance (AKA where managers earn their pay)...............
19Carrots and
sticks..................................................................................................................
20ContentsivContentsChapter 4: Pricing, budgeting, and KPIs – all change
after 2020? .............. 23By Mary Juetten, TraklightLaw is a business
..................................................................................................................
23Data before
decision...........................................................................................................
24Cash is
king...............................................................................................................................
24KPI
basics...............................................................................................................................
.... 25Five common
KPIs................................................................................................................
26The “I” in
KPI............................................................................................................................
30Budgeting is an art, not
science....................................................................................
31Pricing requires old
math..................................................................................................
31Chapter 5: The impact of COVID-19 on legal service delivery and
clientexpectations
...............................................................................................................................
... 35By Richard BrzakalaThe new legal
marketplace.............................................................................................
35Buying legal
services...........................................................................................................
36The COVID-19
transformation......................................................................................
37Pricing
approaches...............................................................................................................
39Client
expectations..............................................................................................................
40Strategic change
...................................................................................................................
41Transforming legal service
delivery.............................................................................
43Chapter 6: Options for law firm financing in difficult
times............................ 45By Andrew O'Connor and Louis Young,
Augusta VenturesThe five typical financing options available to law
firms............................... 45Litigation finance as a risk-free
option......................................................................
47The mechanics of litigation finance
.........................................................................
49Commercial models for utilizing litigation
financing........................................ 51Model two – portfolio
funding
.....................................................................................
51Model three – law firm funding
...................................................................................
52Conclusion...............................................................................................................................
.. 52vAdjusting the numbers: The future of finance in law firmsChapter 7: A
flexible financial
future..............................................................................
55By Andy Poole, legal sector partner, Armstrong WatsonHow law firms have
historically managed their practices
andfinances...............................................................................................................................
....... 55The impact of COVID-19 on the performance and finances of
lawfirms...............................................................................................................................
............... 57Anticipated impacts on law firms as we emerge from
COVID-19............. 58Lessons learned from the COVID-19
experience................................................. 60Law firms of
the future
......................................................................................................
62
Executive
summary....................................................................................................................
viiAbout the
authors.......................................................................................................................
xiChapter 1: Good compensation practices during
COVID-19........................... 1By James D. Cotterman, Altman
WeilChapter 2: Retaining your pricing confidence in challenging
times........... 7By Stuart Dodds, Positive PricingStep 1: View pricing as
a
process..................................................................................
9Step 2: The power of small
changes..........................................................................
9Step 3: Segmenting your
clients...................................................................................
10Step 4: Helping your
clients.............................................................................................
10Step 5: Managing your
discounts................................................................................
11Step 6: Reviewing and refining your practice group
pricingapproaches...............................................................................................................................
12Step 7: Reviewing and selectively increasing your
rates................................. 13Step 8: Keeping a clear focus on
your cashflow and
AccountsReceivable...............................................................................................................................
.. 13Chapter 3: Partner performance – becoming and remaining
apartner...............................................................................................................................
................ 15By Timothy B. CorcoranTo have under-performance, you
must first have performance................. 16The Full
Monty........................................................................................................................
17Planning for
success............................................................................................................
18Evaluating performance (AKA where managers earn their pay)...............
19Carrots and
sticks..................................................................................................................
20ContentsivContentsChapter 4: Pricing, budgeting, and KPIs – all change
after 2020? .............. 23By Mary Juetten, TraklightLaw is a business
..................................................................................................................
23Data before
decision...........................................................................................................
24Cash is
king...............................................................................................................................
24KPI
basics...............................................................................................................................
.... 25Five common
KPIs................................................................................................................
26The “I” in
KPI............................................................................................................................
30Budgeting is an art, not
science....................................................................................
31Pricing requires old
math..................................................................................................
31Chapter 5: The impact of COVID-19 on legal service delivery and
clientexpectations
...............................................................................................................................
... 35By Richard BrzakalaThe new legal
marketplace.............................................................................................
35Buying legal
services...........................................................................................................
36The COVID-19
transformation......................................................................................
37Pricing
approaches...............................................................................................................
39Client
expectations..............................................................................................................
40Strategic change
...................................................................................................................
41Transforming legal service
delivery.............................................................................
43Chapter 6: Options for law firm financing in difficult
times............................ 45By Andrew O'Connor and Louis Young,
Augusta VenturesThe five typical financing options available to law
firms............................... 45Litigation finance as a risk-free
option......................................................................
47The mechanics of litigation finance
.........................................................................
49Commercial models for utilizing litigation
financing........................................ 51Model two – portfolio
funding
.....................................................................................
51Model three – law firm funding
...................................................................................
52Conclusion...............................................................................................................................
.. 52vAdjusting the numbers: The future of finance in law firmsChapter 7: A
flexible financial
future..............................................................................
55By Andy Poole, legal sector partner, Armstrong WatsonHow law firms have
historically managed their practices
andfinances...............................................................................................................................
....... 55The impact of COVID-19 on the performance and finances of
lawfirms...............................................................................................................................
............... 57Anticipated impacts on law firms as we emerge from
COVID-19............. 58Lessons learned from the COVID-19
experience................................................. 60Law firms of
the future
......................................................................................................
62
summary....................................................................................................................
viiAbout the
authors.......................................................................................................................
xiChapter 1: Good compensation practices during
COVID-19........................... 1By James D. Cotterman, Altman
WeilChapter 2: Retaining your pricing confidence in challenging
times........... 7By Stuart Dodds, Positive PricingStep 1: View pricing as
a
process..................................................................................
9Step 2: The power of small
changes..........................................................................
9Step 3: Segmenting your
clients...................................................................................
10Step 4: Helping your
clients.............................................................................................
10Step 5: Managing your
discounts................................................................................
11Step 6: Reviewing and refining your practice group
pricingapproaches...............................................................................................................................
12Step 7: Reviewing and selectively increasing your
rates................................. 13Step 8: Keeping a clear focus on
your cashflow and
AccountsReceivable...............................................................................................................................
.. 13Chapter 3: Partner performance – becoming and remaining
apartner...............................................................................................................................
................ 15By Timothy B. CorcoranTo have under-performance, you
must first have performance................. 16The Full
Monty........................................................................................................................
17Planning for
success............................................................................................................
18Evaluating performance (AKA where managers earn their pay)...............
19Carrots and
sticks..................................................................................................................
20ContentsivContentsChapter 4: Pricing, budgeting, and KPIs – all change
after 2020? .............. 23By Mary Juetten, TraklightLaw is a business
..................................................................................................................
23Data before
decision...........................................................................................................
24Cash is
king...............................................................................................................................
24KPI
basics...............................................................................................................................
.... 25Five common
KPIs................................................................................................................
26The “I” in
KPI............................................................................................................................
30Budgeting is an art, not
science....................................................................................
31Pricing requires old
math..................................................................................................
31Chapter 5: The impact of COVID-19 on legal service delivery and
clientexpectations
...............................................................................................................................
... 35By Richard BrzakalaThe new legal
marketplace.............................................................................................
35Buying legal
services...........................................................................................................
36The COVID-19
transformation......................................................................................
37Pricing
approaches...............................................................................................................
39Client
expectations..............................................................................................................
40Strategic change
...................................................................................................................
41Transforming legal service
delivery.............................................................................
43Chapter 6: Options for law firm financing in difficult
times............................ 45By Andrew O'Connor and Louis Young,
Augusta VenturesThe five typical financing options available to law
firms............................... 45Litigation finance as a risk-free
option......................................................................
47The mechanics of litigation finance
.........................................................................
49Commercial models for utilizing litigation
financing........................................ 51Model two – portfolio
funding
.....................................................................................
51Model three – law firm funding
...................................................................................
52Conclusion...............................................................................................................................
.. 52vAdjusting the numbers: The future of finance in law firmsChapter 7: A
flexible financial
future..............................................................................
55By Andy Poole, legal sector partner, Armstrong WatsonHow law firms have
historically managed their practices
andfinances...............................................................................................................................
....... 55The impact of COVID-19 on the performance and finances of
lawfirms...............................................................................................................................
............... 57Anticipated impacts on law firms as we emerge from
COVID-19............. 58Lessons learned from the COVID-19
experience................................................. 60Law firms of
the future
......................................................................................................
62