Susan Raridon Lambreth, Wendy Bernero
Optimizing Practice Management
Driving Profitability and Market Position
Susan Raridon Lambreth, Wendy Bernero
Optimizing Practice Management
Driving Profitability and Market Position
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As law firms have grown larger and client problems have become increasingly complex, effective practice management has become the primary vehicle through which firms seek to deliver value to clients and differentiate themselves in a competitive market.Optimizing Practice Management: Driving Profitability and Market Position is intended to help firm leadership work through all the critical aspects of structuring and implementing an effective and optimized practice management system.The book is divided into five main sections, covering:The business case for practice management;Building the…mehr
As law firms have grown larger and client problems have become increasingly complex, effective practice management has become the primary vehicle through which firms seek to deliver value to clients and differentiate themselves in a competitive market.Optimizing Practice Management: Driving Profitability and Market Position is intended to help firm leadership work through all the critical aspects of structuring and implementing an effective and optimized practice management system.The book is divided into five main sections, covering:The business case for practice management;Building the essential foundation;Developing the structure;Keys to successful implementation; andThe role of the practice leader. This book will help law firm leaders to:Gain clarity on how to improve their market position and enhance the value perception of their services;Establish the optimal practice management structure to facilitate achievement of the firm's strategy and market position;Focus on particular practice specialties and subspecialties, and on clients or industries, where the firm can establish a sustainable competitive advantage;Define clearly the role of business unit leaders and members; andAlign incentives to encourage the level of collaboration that clients are demanding. Detailed appendices contain the results of original research on practice management in the largest US law firms, and sample job descriptions for practice group leaders/members, based on the authors' experiences working with over half of the Am Law 200 law firms.
Produktdetails
- Produktdetails
- Verlag: Globe Law and Business Limited
- Seitenzahl: 166
- Erscheinungstermin: 6. Mai 2015
- Englisch
- Abmessung: 270mm x 213mm x 13mm
- Gewicht: 508g
- ISBN-13: 9781783581979
- ISBN-10: 1783581972
- Artikelnr.: 68046306
- Herstellerkennzeichnung
- Libri GmbH
- Europaallee 1
- 36244 Bad Hersfeld
- gpsr@libri.de
- Verlag: Globe Law and Business Limited
- Seitenzahl: 166
- Erscheinungstermin: 6. Mai 2015
- Englisch
- Abmessung: 270mm x 213mm x 13mm
- Gewicht: 508g
- ISBN-13: 9781783581979
- ISBN-10: 1783581972
- Artikelnr.: 68046306
- Herstellerkennzeichnung
- Libri GmbH
- Europaallee 1
- 36244 Bad Hersfeld
- gpsr@libri.de
By Susan Raridon Lambreth and Wendy Bernero
About the authors
................................................................................................VIIPreface
................................................................................................................IXForeword
and acknowledgments
.........................................................................
XIIIExecutive summary
.............................................................................................
XVChapter 1: Practice management – An overview
......................................................11.1 Setting the
stage
..................................................................................
11.2 History of practice management
.............................................................. 21.3
Practice management defined
................................................................. 41.4 The
business case for practice
management............................................... 4Chapter 2: The
foundation for effective practice management
................................. 112.1 Firm strategy
.......................................................................................112.2
Governance and management
.............................................................. 132.3
Leadership
........................................................................................
182.4 Compensation
..................................................................................
192.5 Partner buy-in
.....................................................................................
25Chapter 3: Implementing the foundational elements
................................................293.1 The institutional
model
..........................................................................
293.2 The talent model
.................................................................................313.3
The business unit model
.......................................................................
32Chapter 4: Developing an effective practice management structure
..........................354.1 Selecting the primary dimension of
management ...................................... 354.2 Matrix management
structures as firms grow more complex ........................ 424.3 Size
and make-up of groups
................................................................ 444.4
Requirements and standards for business unit membership
........................... 45Chapter 5: Making practice management work
.....................................................495.1
Interrelationship between practice management, firm functions, and systems
.. 495.2 Management supervision and support of the practice structure
..................... 505.3 Measuring business unit success
............................................................ 535.4 Avoiding
missteps in implementing effective practice management ................
545.5 Case studies of two exemplary firms implementing practice management
...... 575.6 Q&A with a successful practice leader
................................................... 60Chapter 6: Leadership
of business units
.................................................................656.1
Selection of business unit/practice leaders
............................................... 656.2 Characteristics of
effective practice leaders ..............................................
666.3 The practice leader's role and responsibilities
........................................... 696.4 Time commitment for
practice leaders .................................................... 726.5
Developing shared leadership
.............................................................. 736.6
Training and development of practice leaders
......................................... 75Conclusion
..........................................................................................................77Appendix
1: 2014 Practice Management Survey – Summary of results for participants
from large US law firms
.....................................................................79I.
Introduction...........................................................................................
80II. Survey participants
................................................................................
82III. Overall practice management structure
..................................................... 84IV. Practice leader
selection and reporting relationships ...................................
87V. Assignment of lawyers to practice groups
.................................................. 89VI. Practice group
leaders – General information ............................................
91VII. Practice group leaders – Role and responsibility
........................................ 94VIII. Practice group leaders –
Hours ............................................................. 96IX.
Practice group leaders – Compensation input and allocation
........................ 99X. Financial management and budgeting
................................................... 105XI. Practice
planning and budgeting
........................................................... 108XII.
Retirement and succession planning
........................................................ 111XIII. Practice
group professionals
................................................................. 113XIV.
Meetings/Training
.............................................................................114XV.
Barriers to implementing effective practice management
............................ 117XVI. Conclusion
.......................................................................................118Appendix
2: Practice group members – Sample position descriptions
.....................119Practice group leader: Position description
....................................................120Department leader:
Position description
........................................................125Industry team
leader: Position description
.....................................................129Practice group
professionals position description – Introductory comments
...........130Optimizing Practice Management: Driving Profitability and
Market PositionPractice group professionals: Business unit director –
Position description .............132Practice group professionals: Business
unit manager – Position description ...........136Practice group
professionals: Director of practice management – Positiondescription
.............................................................................................138Practice
group professionals: Practice group manager – Position description .......
140Comparison of management roles
............................................................. 143
................................................................................................VIIPreface
................................................................................................................IXForeword
and acknowledgments
.........................................................................
XIIIExecutive summary
.............................................................................................
XVChapter 1: Practice management – An overview
......................................................11.1 Setting the
stage
..................................................................................
11.2 History of practice management
.............................................................. 21.3
Practice management defined
................................................................. 41.4 The
business case for practice
management............................................... 4Chapter 2: The
foundation for effective practice management
................................. 112.1 Firm strategy
.......................................................................................112.2
Governance and management
.............................................................. 132.3
Leadership
........................................................................................
182.4 Compensation
..................................................................................
192.5 Partner buy-in
.....................................................................................
25Chapter 3: Implementing the foundational elements
................................................293.1 The institutional
model
..........................................................................
293.2 The talent model
.................................................................................313.3
The business unit model
.......................................................................
32Chapter 4: Developing an effective practice management structure
..........................354.1 Selecting the primary dimension of
management ...................................... 354.2 Matrix management
structures as firms grow more complex ........................ 424.3 Size
and make-up of groups
................................................................ 444.4
Requirements and standards for business unit membership
........................... 45Chapter 5: Making practice management work
.....................................................495.1
Interrelationship between practice management, firm functions, and systems
.. 495.2 Management supervision and support of the practice structure
..................... 505.3 Measuring business unit success
............................................................ 535.4 Avoiding
missteps in implementing effective practice management ................
545.5 Case studies of two exemplary firms implementing practice management
...... 575.6 Q&A with a successful practice leader
................................................... 60Chapter 6: Leadership
of business units
.................................................................656.1
Selection of business unit/practice leaders
............................................... 656.2 Characteristics of
effective practice leaders ..............................................
666.3 The practice leader's role and responsibilities
........................................... 696.4 Time commitment for
practice leaders .................................................... 726.5
Developing shared leadership
.............................................................. 736.6
Training and development of practice leaders
......................................... 75Conclusion
..........................................................................................................77Appendix
1: 2014 Practice Management Survey – Summary of results for participants
from large US law firms
.....................................................................79I.
Introduction...........................................................................................
80II. Survey participants
................................................................................
82III. Overall practice management structure
..................................................... 84IV. Practice leader
selection and reporting relationships ...................................
87V. Assignment of lawyers to practice groups
.................................................. 89VI. Practice group
leaders – General information ............................................
91VII. Practice group leaders – Role and responsibility
........................................ 94VIII. Practice group leaders –
Hours ............................................................. 96IX.
Practice group leaders – Compensation input and allocation
........................ 99X. Financial management and budgeting
................................................... 105XI. Practice
planning and budgeting
........................................................... 108XII.
Retirement and succession planning
........................................................ 111XIII. Practice
group professionals
................................................................. 113XIV.
Meetings/Training
.............................................................................114XV.
Barriers to implementing effective practice management
............................ 117XVI. Conclusion
.......................................................................................118Appendix
2: Practice group members – Sample position descriptions
.....................119Practice group leader: Position description
....................................................120Department leader:
Position description
........................................................125Industry team
leader: Position description
.....................................................129Practice group
professionals position description – Introductory comments
...........130Optimizing Practice Management: Driving Profitability and
Market PositionPractice group professionals: Business unit director –
Position description .............132Practice group professionals: Business
unit manager – Position description ...........136Practice group
professionals: Director of practice management – Positiondescription
.............................................................................................138Practice
group professionals: Practice group manager – Position description .......
140Comparison of management roles
............................................................. 143
About the authors
................................................................................................VIIPreface
................................................................................................................IXForeword
and acknowledgments
.........................................................................
XIIIExecutive summary
.............................................................................................
XVChapter 1: Practice management – An overview
......................................................11.1 Setting the
stage
..................................................................................
11.2 History of practice management
.............................................................. 21.3
Practice management defined
................................................................. 41.4 The
business case for practice
management............................................... 4Chapter 2: The
foundation for effective practice management
................................. 112.1 Firm strategy
.......................................................................................112.2
Governance and management
.............................................................. 132.3
Leadership
........................................................................................
182.4 Compensation
..................................................................................
192.5 Partner buy-in
.....................................................................................
25Chapter 3: Implementing the foundational elements
................................................293.1 The institutional
model
..........................................................................
293.2 The talent model
.................................................................................313.3
The business unit model
.......................................................................
32Chapter 4: Developing an effective practice management structure
..........................354.1 Selecting the primary dimension of
management ...................................... 354.2 Matrix management
structures as firms grow more complex ........................ 424.3 Size
and make-up of groups
................................................................ 444.4
Requirements and standards for business unit membership
........................... 45Chapter 5: Making practice management work
.....................................................495.1
Interrelationship between practice management, firm functions, and systems
.. 495.2 Management supervision and support of the practice structure
..................... 505.3 Measuring business unit success
............................................................ 535.4 Avoiding
missteps in implementing effective practice management ................
545.5 Case studies of two exemplary firms implementing practice management
...... 575.6 Q&A with a successful practice leader
................................................... 60Chapter 6: Leadership
of business units
.................................................................656.1
Selection of business unit/practice leaders
............................................... 656.2 Characteristics of
effective practice leaders ..............................................
666.3 The practice leader's role and responsibilities
........................................... 696.4 Time commitment for
practice leaders .................................................... 726.5
Developing shared leadership
.............................................................. 736.6
Training and development of practice leaders
......................................... 75Conclusion
..........................................................................................................77Appendix
1: 2014 Practice Management Survey – Summary of results for participants
from large US law firms
.....................................................................79I.
Introduction...........................................................................................
80II. Survey participants
................................................................................
82III. Overall practice management structure
..................................................... 84IV. Practice leader
selection and reporting relationships ...................................
87V. Assignment of lawyers to practice groups
.................................................. 89VI. Practice group
leaders – General information ............................................
91VII. Practice group leaders – Role and responsibility
........................................ 94VIII. Practice group leaders –
Hours ............................................................. 96IX.
Practice group leaders – Compensation input and allocation
........................ 99X. Financial management and budgeting
................................................... 105XI. Practice
planning and budgeting
........................................................... 108XII.
Retirement and succession planning
........................................................ 111XIII. Practice
group professionals
................................................................. 113XIV.
Meetings/Training
.............................................................................114XV.
Barriers to implementing effective practice management
............................ 117XVI. Conclusion
.......................................................................................118Appendix
2: Practice group members – Sample position descriptions
.....................119Practice group leader: Position description
....................................................120Department leader:
Position description
........................................................125Industry team
leader: Position description
.....................................................129Practice group
professionals position description – Introductory comments
...........130Optimizing Practice Management: Driving Profitability and
Market PositionPractice group professionals: Business unit director –
Position description .............132Practice group professionals: Business
unit manager – Position description ...........136Practice group
professionals: Director of practice management – Positiondescription
.............................................................................................138Practice
group professionals: Practice group manager – Position description .......
140Comparison of management roles
............................................................. 143
................................................................................................VIIPreface
................................................................................................................IXForeword
and acknowledgments
.........................................................................
XIIIExecutive summary
.............................................................................................
XVChapter 1: Practice management – An overview
......................................................11.1 Setting the
stage
..................................................................................
11.2 History of practice management
.............................................................. 21.3
Practice management defined
................................................................. 41.4 The
business case for practice
management............................................... 4Chapter 2: The
foundation for effective practice management
................................. 112.1 Firm strategy
.......................................................................................112.2
Governance and management
.............................................................. 132.3
Leadership
........................................................................................
182.4 Compensation
..................................................................................
192.5 Partner buy-in
.....................................................................................
25Chapter 3: Implementing the foundational elements
................................................293.1 The institutional
model
..........................................................................
293.2 The talent model
.................................................................................313.3
The business unit model
.......................................................................
32Chapter 4: Developing an effective practice management structure
..........................354.1 Selecting the primary dimension of
management ...................................... 354.2 Matrix management
structures as firms grow more complex ........................ 424.3 Size
and make-up of groups
................................................................ 444.4
Requirements and standards for business unit membership
........................... 45Chapter 5: Making practice management work
.....................................................495.1
Interrelationship between practice management, firm functions, and systems
.. 495.2 Management supervision and support of the practice structure
..................... 505.3 Measuring business unit success
............................................................ 535.4 Avoiding
missteps in implementing effective practice management ................
545.5 Case studies of two exemplary firms implementing practice management
...... 575.6 Q&A with a successful practice leader
................................................... 60Chapter 6: Leadership
of business units
.................................................................656.1
Selection of business unit/practice leaders
............................................... 656.2 Characteristics of
effective practice leaders ..............................................
666.3 The practice leader's role and responsibilities
........................................... 696.4 Time commitment for
practice leaders .................................................... 726.5
Developing shared leadership
.............................................................. 736.6
Training and development of practice leaders
......................................... 75Conclusion
..........................................................................................................77Appendix
1: 2014 Practice Management Survey – Summary of results for participants
from large US law firms
.....................................................................79I.
Introduction...........................................................................................
80II. Survey participants
................................................................................
82III. Overall practice management structure
..................................................... 84IV. Practice leader
selection and reporting relationships ...................................
87V. Assignment of lawyers to practice groups
.................................................. 89VI. Practice group
leaders – General information ............................................
91VII. Practice group leaders – Role and responsibility
........................................ 94VIII. Practice group leaders –
Hours ............................................................. 96IX.
Practice group leaders – Compensation input and allocation
........................ 99X. Financial management and budgeting
................................................... 105XI. Practice
planning and budgeting
........................................................... 108XII.
Retirement and succession planning
........................................................ 111XIII. Practice
group professionals
................................................................. 113XIV.
Meetings/Training
.............................................................................114XV.
Barriers to implementing effective practice management
............................ 117XVI. Conclusion
.......................................................................................118Appendix
2: Practice group members – Sample position descriptions
.....................119Practice group leader: Position description
....................................................120Department leader:
Position description
........................................................125Industry team
leader: Position description
.....................................................129Practice group
professionals position description – Introductory comments
...........130Optimizing Practice Management: Driving Profitability and
Market PositionPractice group professionals: Business unit director –
Position description .............132Practice group professionals: Business
unit manager – Position description ...........136Practice group
professionals: Director of practice management – Positiondescription
.............................................................................................138Practice
group professionals: Practice group manager – Position description .......
140Comparison of management roles
............................................................. 143