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Bloomsburry Family law


Law firm profitability

Managing business profit seems to be a fairly obvious strategy and it might be assumed that most law firms and their managing partners would understand the process of improving cash-flow. With the correct information, gathered from an assessment of the billing, chargeable hours and fee collection of the business, profit can be improved by an overhaul of the system and the performance of individual partners or departments as a whole.

Profit motive: a case study about positive change

David Maister’s book: Practice What You Preach, has become an international bestseller that has driven ideas among law firm managers. Gerald Riskin, principal at Edge International, takes Maister’s book as a basis for his own case study, in which he uses a client firm to assess law firms’ motivation for change and profit.

Turnover versus profitability: balancing the scales of success

Profitability is a term easily bandied about by law firms reaping the rewards of economic boom periods. However, as soon as things take a turn for the worse and the competition for profit intensifies, lawyers find themselves in a difficult environment, one in which the success of the business demands a careful balancing act. Michael Simmons, a partner at Finers Stephens Innocent, considers the profitability minefield and what areas lawyers must tackle to enjoy a more prosperous future.

Managing law firm profitability: effective strategies for a competitive market

Managing profitability is a major strategic challenge facing law firms today with many recognising that they must improve profitability if they are to remain competitive. Identifying the areas in which profitability could be improved and what would need to change is one thing: executing it is quite another. David Temporal, a partner at Temporal Consulting, explores some perspectives on this issue and assesses what law firms need to consider if they are to be successful in the long term.

Financial success in a tough economy:

So, we’ve heard the theory, what about the practice? James Boyd, finance director at Cobbetts, gives a personal insight into its profitability drive, describing the strategy employed to improve profitability over a three-year period. Here, at the end of ‘Year One’, James considers the firm’s development so far, where it has focused its efforts and what results it has enjoyed over the course of the year. He uses that experience to give a glimpse into the firm’s next step – profitability through Year’s Two and Three.

Economic downturn hits Wragge & Co

Birmingham-based Wragge & Co have announced only a two per cent rise in turnover over the last year, a huge drop from the massive growth enjoyed by the firm in the previous two years.