Finance & Accounting

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 […]

Why clients want you to collaborate – and 5 steps to do it successfully

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] January 29, 2018

At the recent World Masters of Law Firm Management seminar in Sydney, the focus was on smart collaboration and why it is a strategic imperative for all firms. Cameron Cooper reports. Professor Heidi K. Gardner issues a clear warning to law firm managers who think collaboration is nothing more than a trend which has had […]

Q&A: Stanislav Roth – “I want to maximise our people’s potential and let them fly to the full extent they can in every sense.”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] January 16, 2018

In this Q&A, Source Legal founder and managing director Stanislav Roth discusses the big break he received through immigrating to Australia in his teens; the satisfaction he gets from running his own law firm; and why retainers and an agreed price model are the secrets to his success. You now run a successful law firm, […]

10 reasons why time recording limits your firm’s potential

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 5, 2017

Resistance to dropping timesheets could be costly for firms with regard to their culture, productivity and the satisfaction of their lawyers, writes John Chisholm. In my previous article, I suggested that the legal profession must stop confusing billing with pricing and that it would be better if all forms of retrospective billing were, if not […]