Finance & Accounting

Q&A: Peter Bobbin – “Operational decisions are put to the partnership and you end up with mediocrity in decision-making”

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] September 25, 2017

In this Q&A, Argyle Lawyers managing principal Peter Bobbin explains the rationale behind splitting legal and management roles; how his firm is moving to a new profit-sharing model; and why the billable hour remains a crucial business tool. When you became managing principal of Argyle Lawyers in 1995, you immediately sought independent management for the […]

Billing ain’t pricing – and understanding the difference will pay off for your firm

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] September 9, 2017

Being aware of the real value your firm is delivering to clients is the key to successful pricing strategies, writes John Chisholm. “Pricing occurs before you start any work. Billing occurs after your work.” While pricing has by far the greatest impact on any firm’s profit (more than managing a firm’s fixed or variable expenses) […]

Latest news – Revenue growth subdued; Innovation mindset emerging; Faster, cheaper solutions the key

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] August 28, 2017

Squeeze on revenue and margins for law firms A new report suggests top and mid-tier law firms continue to feel the impact of subdued revenue growth, margin compression and demanding clients. However, the 2017 edition of CommBank Legal Market Pulse, an analysis of the trends shaping legal services in Australia, also reveals that many firms […]

Latest news – Leaner budgets for GCs; Ransomware attacks prove costly; Private-practice lawyers in demand

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Technology] August 4, 2017

Budget constraints hit general counsels The latest report on the in-house legal sector in Australia and New Zealand has revealed that budget constraints are increasingly a fact of life for general counsel, while the rise of women through the ranks continues. The Association of Corporate Counsel (ACC) Australia’s 2017 Benchmarks and Leading Practices Report draws […]

Latest news – Human rights on the agenda; 5 ways to promote gender advancement; Small rises for in-house salaries

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] July 4, 2017

Legal profession sets out core human rights principles The Law Council recently launched its Policy Statement on Human Rights and the Legal Profession, laying out core principles and commitments of behalf of the Australian legal profession. The statement sets out a framework for evaluating the merits of legislation, policy and practice by reference to international […]

Low wages growth, more employee flexibility, paralegals in demand – a snapshot of law firm trends

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] June 6, 2017

Some of the key challenges facing Australian law firms have been revealed in the 2017 ALPMA Legal Industry Salary & HR Issues Survey Report. More than 285 law firms employing more than 9600 staff completed the survey. About 20 per cent of responses came from each of New South Wales, Queensland, Victoria and Western Australia, […]

Q&A: Lachlan McKnight – “Lawyers who are terrified of risk are rarely good lawyers.”

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] May 15, 2017

In this Q&A, LegalVision Australia chief executive officer Lachlan McKnight explains how the start-up firm has grown from two to 75 staff in five years; why it is so important to take risks in business; and how machine learning represents the firm’s next competitive move. A lot of new firms, including LegalVision, have emerged in […]

Ignore the cost of production at your peril

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] May 11, 2017

Gaining a better understanding of the cost of production in law firms – and how to minimise it – is a must for ambitious leaders and managers as they seek to succeed in a highly competitive and disrupted legal market, writes Neil Oakes. Not that long ago, law firms were price-setters. They decided what profit […]

Latest news – Property lawyers ride the wave; Firms going for growth; More work for fewer practices in US

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR)] April 6, 2017

High demand for property lawyers If you are a mid to senior-level construction or property lawyer in Australia, you are in luck. The latest Quarterly Report from recruitment firm Hays shows that private practice, in-house and government organisations want more lawyers in these fields. The emphasis is on finding candidates “who have come from highly reputable […]

Latest news – Campaign to stop unconscious bias; Marketing push in North America; Mid-tier firms in positive mood

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,People Management(HR),Strategy & Leadership] March 7, 2017

Law Council out to counter unconscious bias The Law Council of Australia has launched a major new program to help lawyers understand and address unconscious bias. It has been working with diversity and inclusion specialists, Symmetra, to construct an unconscious bias program customised for the legal profession. The program is now being offered to all […]