Finance & Accounting

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 […]

Time’s up – if firms want to innovate, they need a new model

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] May 21, 2018

The desire for greater innovation within traditional legal practices is at odds with time-based billing models, writes Jordan Furlong. “Innovation destroys hours.” Those three words, written by Neota Logic founder Michael Mills in a blog post a few years ago, summarise the fundamental challenge that every law firm faces today. They reflect two market realities […]

Q&A: Jeremy Szwider – “Rather than billing time, we sell intellectual capital”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] May 2, 2018

In this Q&A, Bespoke founder and managing principal Jeremy Szwider discusses the motivation to set up a NewLaw firm in Australia in 2009, how the firm’s Outsourced In-house Counsel model works, and why value-based pricing makes sense. You set up Bespoke almost a decade ago. That must have taken some courage. “Courage is a good […]

Latest news – Salaries flatline; Significant gender pay gap; innovation spending pays off

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development] May 1, 2018

Modest salary rises likely this year: ALPMA Wages are starting to “flatline” across the legal sector, according to new research from the Australasian Legal Practice Management Association. The findings suggest that workers can expect only modest salary increases this year. Two hundred and eighty-eight Australian law firms from across the country, employing 10,644 people, took […]

Understanding your pricing choices in a value-based legal world

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] March 22, 2018

Smarter project management is the key for firms which are re-engineering the way they produce their work as they make the transition from time-based billing to value-based billing, writes John Chisholm. During the past few years, most law firms have well and truly moved on from Do I continue to only time-base bill? to two much more […]

Big 4 versus Big Law: How they match up in the fight for clients

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] February 18, 2018

With the Big 4 accounting firms clearly stating their intention to re-enter the legal market in Australia and elsewhere, Joel Barolsky examines the strategic match-up between the Big 4 and Big Law to assess who has the edge. #1 Relationships In the main, Big Law firms have long-standing and deep relationships with key buyers of […]