The Lawyer's Guide to Strategic Practice Management

The Lawyer's Guide to Strategic Practice Management

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Description

The legal profession has been through a dramatic and unprecedented period of change. The impact of the recession has been felt by firms of all sizes and practice areas, has forced law firms to take a long hard look at the way they do business from top to bottom. Those firms that did not adapt to changing market conditions are either no longer in business or have merged with their former competitors. The firms that recognized and embraced these changes are thriving in what is now the new modern legal profession. The Lawyer's Guide to Strategic Practice Management looks into seven crucial key areas of management for law firms - information, process, strategy, market, people, finance, and technology - and discusses why law firms need to have clear and coherent strategies in place in order to continue to prosper. This new report features the professions most well respected and leading experts on law firm management. Including: + Nicholas Bruch and John Cussons, Huron Consulting + David H.
Freeman, David Freeman Consulting Group + Sally Dyson, Firm Sense Limited + Patrick J Lamb, Valorem Law Group + Paul Lippe, Legal OnRamp + Alan Hodgart + Mark Brandon, Motive Legal Consulting + And many more - They provide in-depth guidance, lessons learned, case studies, and practical advice on topics including: + Creating strategic plans at the firm and practice group level + Revenue and profit models, profitability strategies, and law firm profit drivers.
+ Finding market niches and developing individual business development strategies + Law firm pitch planning and pitching strategies + The adoption of formal client listening programs + Examining the various alternatives to the traditional billable hour + Utilizing big data in law firms for billing, cost, and forecasting analysis + The impact of legal process improvement on the delivery of legal services + Measuring and managing the performance of your people + Effective practice group management in the current legal market + Client and staff communication, connectivity, and collaboration strategies + Building the business case for legal project management The Lawyer's Guide to Strategic Practice Management gives you everything you need to ensure the future success of your law firm.
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Product details

  • Hardback | 255 pages
  • London, United Kingdom
  • 1783580976
  • 9781783580972

Table of contents

Executive summary...IX Section One: Information Chapter 1: The building blocks of information management...1 By Paul Byfield What is information and how is it managed?...1 Creating the one-firm environment...1 Communicating the IM message via intranet...2 Information ownership...2 Protecting your firm's information...4 Budgets and personnel...4 Chapter 2: The law firm difference...11 By Zena Applebaum Law firm business challenges...11 Organizational structure...11 Hourly billing...12 Working silos...13 Meeting law firm challenges with business intelligence ...14 Big data...14 Chapter 3: The future of big data...17 By Damien Blackburn Accuracy of big data...17 Law firm preparation for big data...17 Law firm staffing and big data...18 Law firms using big data directly...18 Law firms using big data indirectly...19 The future of big data and law firms...19 Dealing with negative issues...22 Big data and e-discovery...22 Conclusion...23 Contents IV Chapter 4: Law firms and KM in the digital age: The 'information revolution'... 25 By Chris Bull The role of knowledge management in the digital-age firm... 26 Information risk in the digital age firm... 28 Conclusion... 30 Section Two: Process Chapter 5: Before the tipping point... 33 By Chris Bull The definition of 'process' in the legal sense... 33 How process improvement fits into the changing legal sector... 33 The impact of technology... 34 The impact of changes in legal services... 35 A legal process tipping point... 36 LPI pre-history... 37 Prophets and lone voices... 38 Dramatic sector changes spur process improvement... 38 Chapter 6: The business case for project management... 41 By Barbara J. Boake and Rick A. Kathuria The shift in the balance of power from seller to buyer... 41 Embracing business realities... 41 The growth of in-house legal departments ... 42 The fragmentation of the legal services market ... 43 The increasing demand for alternative fee arrangements (AFAs)... 44 The business case - Six compelling reasons... 44 Chapter 7: Measuring and managing the performance of your people... 47 By Peter Scott and Richard Wyatt Performance measurement and competitive advantage... 47 Measuring and managing partner performance... 48 Performance viewed from a client perspective... 49 Using peer group feedback to help managing partners become more effective... 53 Confidential internal questionnaires ... 56 Linking performance to reward... 58 Assessing performance ... 59 Section Three: Strategy Chapter 8: Introduction to the strategic planning process... 63 By John Sterling Phase one - Situation analysis... 64 Phase two - Direction setting... 64 The Lawyer's Guide to Strategic Practice Management V Phase three - Strategy and objective development ... 64 Phase four - Implementation planning... 65 Chapter 9: The common thread... 67 By John Cussons and Nicholas Bruch Targeting a specific market position... 67 Structuring the firm for success... 69 Defining the competition ... 73 Strategic commitment ... 75 Process to achieve buy-in... 75 Chapter 10: Improving law firm profitability - Why cash will always be king... 79 By Steve Gale How do we improve profitability and what role can cash management play in this?... 80 Changing behaviour... 84 Section Four: Market Chapter 11: Finding niches and developing your strategy... 89 By David H. Freeman, J.D. Defining and differentiating yourself - Who are you and what do you enjoy?... 89 Develop your niche(s)... 92 Stand out to be outstanding... 92 Develop a personal scorecard... 93 Create personal deadlines... 95 Action planning worksheet... 96 Chapter 12: Stage two - Pitch team and planning... 97 By Clare Adshead-Grant Deciding on the pitch team... 97 The pitch planning meeting... 98 How to formulate your pitch strategy... 99 Ask the prospect... 100 The art of questioning... 102 The art of questioning - what not to do... 103 Fees... 103 Summary... 104 Chapter 13: Positioning client listening in context... 105 By Sally Dyson Business development... 105 Client relationship management... 107 Interplay between CRM and key account management... 109 Contents VI Chapter 14: Content... 113 By Steve Matthews and Jordon Furlong General principles... 113 Newsletters... 115 Blogs... 116 Microsites... 119 Case study 2: Pushor Mitchell, Kelowna, British Columbia... 120 FAQ collections... 121 Multimedia... 122 Chapter 15: Current trends in practice development... 125 By Laurie Young Changes in the legal services market... 125 Implications of these forces to growth... 129 Emerging strategies in response to these forces... 130 Case study: Allen & Overy - The growth strategy... 131 Case study: The IBA reflects on change... 138 Summary... 138 Section Five: People Chapter 16: What makes an effective practice group strategy?... 143 By Caroline Poynton The evolution of practice groups... 143 Perception is everything - until it's harmful... 145 Avoiding the issue... 145 Sector sticking plaster?... 146 Getting out of the reactive mind-set... 147 Making an effective practice group... 148 Q&A: With Eric Seeger, chief operating officer, Barley Snyder... 149 Chapter 17: Culture in practice... 153 By Alan Hodgart Behavioural norms... 154 Chapter 18: The strategic case for communications... 165 By Jill King Competitive advantage... 165 Client expectations... 165 The Facebook generation... 166 Reputation and employee advocacy ... 167 Managing the risks of transparency... 167 The Lawyer's Guide to Strategic Practice Management VII The value of knowledge sharing... 168 Creating a knowledge sharing culture... 168 Creating a climate of trust... 169 Key points... 170 Chapter 19: Planning the hires... 171 By Mark Brandon The hire is the strategy... 171 Lack of business planning... 174 Politics, and the toxic hire... 175 Recruiting up... 177 Long, boring, complicated - why not just hire instead?... 179 Section Six: Finance Chapter 20: Alternatives to the billable hour... 183 By Patrick J. Lamb We need common nomenclature... 183 Fee structures are an incentive to behaviour... 185 Fixed fees... 186 Variations and incentives... 187 Contingency fees... 189 Modified hourly arrangements... 191 Risk collars... 192 Chapter 21: Alternative fee arrangements - The reality... 195 By Steven A. Lauer Corporate law department perspective... 197 Law firm perspective... 198 Chapter 22: Managing the negotiation process... 199 By Sally Dyson Negotiation stages... 199 When negotiations start on the back foot... 199 Chapter 23: How to obtain the desired fees and structures... 205 By Sally Dyson Distinguishing value from price... 205 Determining value... 205 Creating options ... 208 Ingredients of winning proposals... 209 Contents VIII Section Seven: Technology Chapter 24: Technology... 213 By Chris Bull and David Bason Interview: Gary Assim - Head of Retail and Intellectual Property Group Leader, Shoosmiths... 213 Cloud... 215 Social/Collaboration... 220 Bring your own Device (BYOD)... 224 ERP systems... 227 Data warehousing... 231 Mobile... 232 Big Data... 233 Being futurologists... 234 Beyond the digital age... 235 Chapter 25: Why deliver services online?... 237 By Stephanie Kimbro What is the competition?... 238 What are the benefits for the public?... 239 What are the different structures of online delivery?... 240 Who will be in charge?... 241 Establishing a clear and achievable strategy for online delivery... 241 Case study: Samuel Phillips... 241 Pricing models... 244 Creating the client portal... 245 Chapter 26: The case for innovation... 249 By Caroline Poynton A tale of two law firms... 249 Trouble at the heart of the legal profession... 250 1. The competitive environment... 252 2. Clients... 254 The challenges ahead... 255
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