Edward Bowes - Böcker

Many law firms today are far too focused on increasing market share; they should be paying attention to what makes them a more profitable business. Market share doesn’t matter much if you’re not profitable, and firms cannot simply grow their way to prosperity by undercutting the competition. Instead, firms must focus on value creation and increasing clients’ willingness to pay for their services. The question should be: “What can your firm do better, or more efficiently, and more profitably than anyone else?”The Mechanics of Law Firm Profitability: People, Process, and Technology examines why a focus on profitability and metrics is reshaping law firm operations and matter management; how to define the bottom line and to distinguish between “good” revenue and “bad”; and how to change the dialogue from “hours and revenue” to “revenue and profit”, while changing the mindset from increasing market share to simply running a profitable business.The Mechanics of Law Firm Profitability covers topics including:+ The “every dollar is a good dollar” fallacy: The difference between good and bad revenue+ Increasing profitability by improving client intake + Using KM to increase firm profitability + Pricing, profitability, and compensation+ Measuring different practice groups, differently+ Four challenges in managing law firm profitability+ Strategy and culture driving effective use of people, process, and technology+ Profitability and the Concept of `Managing on the Edge’ – Why It Is Important to Regional Law FirmsAnd brings together the sought-after advice of a wide variety of experts including:+ Toby Brown, chief practice management officer, Perkins Coie+ Mike Roster, co-chair ACC Value Challenge and former managing partner of Morrison and Foerster’s LA office+ Jack Bostelman, president KM/JD Consulting LLC+ Chris Boyd, senior director of professional services, Wilson Sonsini Goodrich & Rosati+ Jim Hassett, founder of LegalBizDev+ Wendy Wen Yun Chang, partner, Hinshaw & Culbertson LLP+ Keith Maziarek senior director of client value, Perkins Coie+ James G. Perkins, chief operating officer and chief compliance officer, Procopio+ Mark Voigtmann, partner; Steve Petrie, chief strategy officer; Vanessa Savoie, senior strategic analyst & pricing analyst; and Tom Snavely, manager legal process improvement & project management, Faegre Baker DanielsThe Mechanics of Law Firm Profitability: People, Process, and Technology provides practical and proven tips for all law firm leader on adjusting current processes and identifying opportunities for future profitability within their firms.

KM has been accepted as an integral practice for most organizations – however many are still, understandably, cautious of the investments they make in the current financial environment following the economic downturn.`The measurement of knowledge value is difficult. It is specific to time, context, and the perception of what it is that constitutes a knowledge asset.’ - David GriffithsMeasuring the ROI of Knowledge Management 2nd edition aims to explore how leading industry experts prove the value of their KM initiatives and justify investing in them. From outlining the best methods of quantifying the return from KM, to discussing the limitations of an ROI-focused approach, this book looks to present an all-encompassing view of how to best tackle this this matter that is rife with guesswork and uncertainty.Measuring the ROI of Knowledge Management covers topics including:+ Understanding the knowledge economy+ Knowledge management business case arguments+ Using a Knowledge Audit as the basis for determining and driving the ROI of Knowledge Management+ The application of Artificial Intelligence to support the value of organizational knowledge and assist the knowledge ROI+ Measurement of KM projects – A practical guide for busy people+ Believing in organizational progress using data and anecdotes (C6)+ The case against ROI for knowledge management+ Winning the war by avoiding the battles – Focusing on the I in ROI+ An ecological approach to understanding impact in knowledge management practiceMeasuring the ROI of Knowledge Management brings together the sought-after advice of a wide variety of experts including Stan Garfield, Andrew Gent, David Griffiths, James Gunn, Tim Hawley, John Hovell, James Loft, Hélène Russell, and Professor Dave Snowden who provide tools, tips, pragmatic guidance and best courses of action for any organization looking to prove the value of their KM efforts.

Effectively implementing project management has become a key ambition for many firms across the world. The interest project management has garnered from the legal sector is not surprising; the range of benefits it offers are extensive and impactful; including reducing costs, enabling more efficient commodity work, and creating more accurate budgeting forecasts.However, despite the general consensus on its value, adoption rates have been slow across the sector – only a handful of top firms have successfully implemented LPM into their practices, and are reaping the benefits. The slow adoption rates create a real opening for a competitive advantage through Legal Project Management, even at a basic starting level, as according to Jim Hassett even “glacial progress can produce new business when you are competing with firms that are making no progress at all”.Featuring expert analysis on the form and function of LPM from leading industry experts, and case studies from top law firms on effective implementation and take-up, this title offers a robust overview of project management functions in the legal sector.

Obtaining an accurate and comprehensive overview of performance throughout the firm is no easy undertaking – there are numerous aspects of the firm to inspect and many varying streams of information to consider. From individual partner performance to firm-wide cash flow, correctly measuring and managing performance involves a keen eye on both the micro and macro aspects of the firm.Measuring and Managing Performance for Law Firms offers an overview of the measurement and metrics that firms can employ to effectively manage their work force and firm-wide performance. Discussing a range of topics from metrics that stimulate innovative thinking, effectively managing high-performance teams and dealing with stress in the work place, and implementing “balanced scorecards” and “opportunity scoring assessments” to track firm performance and effectively utilize internal information resources.

The pricing of legal services is no longer simply about setting rates. Properly optimizing a firm's pricing strategy is a critical source of competitive advantage and increased profitability, which now more than ever is crucial to staying relevant in the legal sector. Firms must start looking to demonstrate their ability to provide clients with greater value through alternative fee arrangements, effectively controlled budgeting methods, and the integration of innovative firm management practices - whilst continuing to operate as a profitable business. Standard business principles have become the norm for firms - as clients become increasingly proficient in negotiating costs and defining the scope of engagement, service delivery must now be framed by value, expertise, and profitability rather than hours billed alone. With contributions from pricing directors and expert consultants, Practical Innovations in Legal Pricing offers insight into newest effective approaches to pricing that top firms are undertaking. Taking an in-depth look at the role of shadow-billing and client collaboration in AFAs, integrating a firm's legal project management and pricing functions for greater client benefits, and effectively executing a newly formed pricing strategy, this title will provide a comprehensive overview of the best practices in innovative pricing functions.

As law firms continually push to stay relevant in the information age, certain functions and roles will change drastically – possibly none more so than a firm’s information functions and librarians. Information services are now more important than ever, and are more closely linked and integrated with all other functions of the firm.This means, however, that many information departments and roles will need to undergo a considerable metamorphosis in order to realise their full potential. From integration with other functions of the firm (such as Business Development and Knowledge Management), to gathering intelligence to leverage a competitive advantage – library teams, with the correct application, are set to become critical in forging a firm’s digital pathway to increased success.