Finance & Accounting

10 takeaway lessons from the World Masters webinar series

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 28, 2020

In the second of a two-part article, we report on the recent World Masters of Law Firm Management webinar series and the key lessons that emerged for law firms as they start planning for 2021. The World Masters webinars consisted of five sessions covering:  1. Strategic overview (Joel Barolsky – Barolsky Advisors) 2. Pricing (Colin […]

World Masters – Colin Jasper, principal of Positive Pricing: “The easiest thing to do is to compete on price, but as soon as we do that we focus less and less on the creation of value.”

[Australasian Law Management Journal,Finance & Accounting,Marketing & Business Development,People Management(HR)] December 7, 2020

In a recent World Masters of Law Firm Management webinar, Positive Pricing principal Colin Jasper answered the big questions for firms struggling to get their pricing right. In this edited summary of the session, he provides tips for leadership teams and partners to follow. Why is pricing so important for law firms? There is a […]

Latest news – Strong pandemic profits; Law societies impress; ‘Attractive’ firms named

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] November 26, 2020

Most Aussie firms defy COVID-19 downturn A new report reveals that most Australian law firms have successfully combatted the disruption and financial pain of the COVID-19 pandemic. The latest CommBank Legal Market Pulse reports a mean profit increase of 7 per cent across the sector this year. A further boost of 5.5 per cent is expected […]

Helping your clients by charging more

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] September 21, 2020

There is natural inclination for a law firm to offer discount rates to valued clients in order to assist them and keep them on board, but this is an approach that may cost your firm and your client, writes Colin Jasper.   I want to help my clients Most lawyers develop bonds with their clients. […]

Latest news – Cybersecurity focus for CLOs; Backing for electronic document processes; Workflow gains the 2021 goal

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] August 26, 2020

CLOs key players in cybersecurity planning A new international survey reveals that within 71 per cent of organisations, the chief legal officer (CLO) plays a key role in leading cybersecurity strategies. In its 2020 State of Cybersecurity Report, the Association of Corporate Counsel Foundation examines cybersecurity activities from an in-house perspective. It surveys 586 law […]

What does your firm’s balance sheet tell you?

[Australasian Law Management Journal,Finance & Accounting,Marketing & Business Development,Strategy & Leadership,Uncategorized]

In an effort to increase the net worth of their law firm, smart partners should be paying more attention to five important intangible assets on their often-neglected balance sheet, writes Joel Barolsky. Law firm partners pay a lot of attention to their firm’s profit and loss statements, but they tend to glance over the asset […]

Law firm essentials for surviving the COVID-19 pandemic

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

During the COVID-19 pandemic, resource-poor small law firm practitioners have to take care of themselves, their clients and their cashflow if they hope to survive, while at the same time catering to the whims of all their stakeholders. Jordan Furlong offers some tips on how to do it. What will the COVID-19 pandemic and its […]

Why the viability of many small firms hinges on better pricing skills

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] July 29, 2020

In the quest for greater profitability, there is a crying need within small law firms for more training around pricing, both in terms of skills and the psychology of fee-setting, writes Rob Knowsley. A great deal of attention has been quite properly directed in recent years at ways to improve the viability of small legal […]

Pricing in a downturn: helping clients through the crisis

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

Agreeing to any client requests for fee reductions during tough economic times can have a seriously debilitating effect on the long-term viability of a law firm and such actions should not be taken lightly, writes Colin Jasper.   What the research says… During the past month, I’ve read three pieces of research – relevant to […]

Latest news – Office space shrinking; Revenue falls for law firms; Legal assistance coup

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] July 22, 2020

Law firm offices shrink as COVID-19 hits home COVID-19 appears to be accelerating the shift towards law firms with smaller office footprints. While many law firms had already been downsizing their offices before the pandemic hit, the shift to working from home may be fast-tracking that process. According to a survey conducted by commercial real […]