Finance & Accounting

Beyond mediocrity and myopia – how to stress test your client strategy

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] November 26, 2018

A law firm’s client plan is more than just a document, so following a clear checklist can help ensure that your firm’s strategy has currency at a time when competition for work has never been greater, writes Joel Barolsky. Most plans that law firms develop to woo clients are tactical, short-term and myopic. They are […]

The relationship between profits and fair, reasonable and proportionate fees

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR)] November 22, 2018

Poor management of human resources at a time when flexible work has come to the fore is a key issue that hinders law firm profitability, but there are ways to ensure that fair fees and reasonable profits are mutually attainable, writes Rob Knowsley. Most lawyers and practice managers understand their professional obligation to charge fair, […]

15 big questions for law firms making the switch to value pricing

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] November 21, 2018

In this article, John Chisholm explains some of the key considerations for law firms that are considering moving from time-based billing to value pricing – and the key pitfalls to avoid. 1. A lot has been written about why firms should switch from the billable hour to value-based pricing. How difficult, though, is it for firms […]

Latest news – ASX200 companies woo lawyers; Law Council backs wider death penalty ban; Revenue growth for firms

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] November 1, 2018

Lawyers picking up key roles on ASX200 companies According to the findings of recruitment firm Robert Half’s 2018 CEO Tracker, the proportion of chief executive officers of ASX200 companies boasting law degrees has reached 15 per cent, or 30 people in total, up from none the year before. The study analyses the background and experience […]

High potential price to pay if you procrastinate over legal administration

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development] October 30, 2018

Putting administrative tasks on the backburner is commonplace for lawyers as they focus on fee-earning work, but such complacency can be dangerous for firms in a regulatory and reputational sense, writes Peppy Mitchell. Procrastinating and under-resourcing when it comes to back-office operations and non-chargeable tasks is a risky move. While performing administrative work may not […]

The critical interplay between people management, productivity and profitability

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development] October 16, 2018

Poor profitability can plague law firms unless they address complementary factors relating to salaries, effective use of human resources and clarity around staff KPIs, writes Rob Knowsley. Let us get the profit imperative out of the way right up front. Profit is very important for all businesses, including law firms. There is not enough scope […]

The next big thing in procurement? Reverse online legal auctions

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,Strategy & Leadership] September 15, 2018

As organisations put increasing pressure on law firms to offer the best possible price for their services, expect auctions to become commonplace whereby firms have to bid for a chance to get their work, writes Trish Carroll. When talk of alternative fee arrangements turned to reverse online auctions, the 100 people attending the APAC Legal […]

Latest news – Sign up for World Masters seminar; Businesses ‘not ready’ for crises; Milestone for women barristers

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] July 31, 2018

World Masters puts spotlight on differentiation Respected American author and marketing professional Tim Williams will help leaders embrace strategies to differentiate their firms from others when he addresses the World Masters of Law Firm Management workshop in Sydney in September. To be held on September 18 at the offices of Allens at Level 28, Deutsche […]

Assessing the competitiveness of practice groups a win-win for firms

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] June 27, 2018

Leaders of law firm practice groups must commit to developing a long-term winning strategy and then ensure it has the skills, resources and systems to implement it, writes Joel Barolsky. If each of your practice groups is primed to win, then there is a pretty good chance your firm will win as well. With this […]

Q&A: Kerri Shaw and Gemma Bunner – “We wanted to grow as lawyers while also expanding our knowledge and skills in relation to the business side of things.”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] June 4, 2018

In this Q&A, Shaw & Bunner Legal co-founders Kerri Shaw and Gemma Bunner explain why they spurned the safety of working for a major national firm to set up their own business in the Hunter Valley in New South Wales earlier this year – and how it has given them the flexibility and new skills […]