Strategies and Tactics for Increasing Firm Revenue and Profitability
As the market conditions for many law firms have stabilized at modest growth levels, managing partners of law firms of all sizes and specialties are devoting more of their attention to creating well managed financial models that are especially designed to enhance revenue and profitability, contain costs and determine lawyers’ compensation and their firms’ fee structure.
Joel A. Rose, president, Joel A. Rose & Associates, Inc., Management Consultants to Law Offices, a nationally recognized law firm management consultant, lecturer and author about law firm economics and management will describe current strategies and tactics that have been developed and implemented by lawyer managers and administrators in the more financially and professionally successful law firms to enhance revenue and increase distributable profits for partners/shareholders. He will discuss:
• How improving firm leadership and practice management will have the greatest impact on profitability;
• The reasons why we are interested in measuring profitability;
• The effects of current economic trends on profitability and how to deal with these trends;
• Defining and utilizing the levers of profitability to increase revenue and profitability– Realization, Utilization, Leverage, Expense control and hourly rates;
• Profitability tactics;
• Key financial indicators to evaluate financial performance and how to utilize them;
• Developing cost models for determining lawyers’ compensation and the firm’s fee structure.
This session has been approved for 1 hour of general CLE credit by the Florida Bar, course # 1503799N