Adjusting the Numbers (eBook)

Executive summary.................................................................................................................... vii
About the authors....................................................................................................................... xi
Chapter 1: Good compensation practices during COVID-19........................... 1
By James D. Cotterman, Altman Weil
Chapter 2: Retaining your pricing confidence in challenging times........... 7
By Stuart Dodds, Positive Pricing
Step 1: View pricing as a process.................................................................................. 9
Step 2: The power of small changes.......................................................................... 9
Step 3: Segmenting your clients................................................................................... 10
Step 4: Helping your clients............................................................................................. 10
Step 5: Managing your discounts................................................................................ 11
Step 6: Reviewing and refining your practice group pricing
approaches............................................................................................................................... 12
Step 7: Reviewing and selectively increasing your rates................................. 13
Step 8: Keeping a clear focus on your cashflow and Accounts
Receivable............................................................................................................................... .. 13
Chapter 3: Partner performance – becoming and remaining a
partner............................................................................................................................... ................ 15
By Timothy B. Corcoran
To have under-performance, you must first have performance................. 16
The Full Monty........................................................................................................................ 17
Planning for success............................................................................................................ 18
Evaluating performance (AKA where managers earn their pay)............... 19
Carrots and sticks.................................................................................................................. 20
Contents
iv
Contents
Chapter 4: Pricing, budgeting, and KPIs – all change after 2020? .............. 23
By Mary Juetten, Traklight
Law is a business .................................................................................................................. 23
Data before decision........................................................................................................... 24
Cash is king............................................................................................................................... 24
KPI basics............................................................................................................................... .... 25
Five common KPIs................................................................................................................ 26
The “I” in KPI............................................................................................................................ 30
Budgeting is an art, not science.................................................................................... 31
Pricing requires old math.................................................................................................. 31
Chapter 5: The impact of COVID-19 on legal service delivery and client
expectations ............................................................................................................................... ... 35
By Richard Brzakala
The new legal marketplace............................................................................................. 35
Buying legal services........................................................................................................... 36
The COVID-19 transformation...................................................................................... 37
Pricing approaches............................................................................................................... 39
Client expectations.............................................................................................................. 40
Strategic change ................................................................................................................... 41
Transforming legal service delivery............................................................................. 43
Chapter 6: Options for law firm financing in difficult times............................ 45
By Andrew O’Connor and Louis Young, Augusta Ventures
The five typical financing options available to law firms............................... 45
Litigation finance as a risk-free option...................................................................... 47
The mechanics of litigation finance ......................................................................... 49
Commercial models for utilizing litigation financing........................................ 51
Model two – portfolio funding ..................................................................................... 51
Model three – law firm funding ................................................................................... 52
Conclusion............................................................................................................................... .. 52
v
Adjusting the numbers: The future of finance in law firms
Chapter 7: A flexible financial future.............................................................................. 55
By Andy Poole, legal sector partner, Armstrong Watson
How law firms have historically managed their practices and
finances............................................................................................................................... ....... 55
The impact of COVID-19 on the performance and finances of law
firms............................................................................................................................... ............... 57
Anticipated impacts on law firms as we emerge from COVID-19............. 58
Lessons learned from the COVID-19 experience................................................. 60
Law firms of the future ...................................................................................................... 62