Ark Group’s 7th Annual The Mechanics of Law Firm Profitability: People, Process & Technology, Chicago
Bringing a Profitability Mindset into Law Firm Culture
Addressing the Tension Between a Client-Centric View of Financials and a Firm-Centric Viewpoint…
Lawyers complain that they do not like numbers (which is why they went to law school). Now that client-value is defined as “deliver quality at the expected price” and firms continue to feel pricing pressure, lawyers now need to learn about the numbers. How do you provide intelligence that allows lawyers to monitor the delivery of matters (client-centric)? At the same time, partners have traditionally been provided BI that tells them how the firm and they are doing personally (firm-centric). This creates a certain tension—
– How do you explain the difference in the same numbers?
– What numbers do you focus on for client service v. firm performance?
– What are the right KPIs to use (Realization, leverage, margin, PPP)
Keith Lipman, CEO, Prosperoware