Finance & Accounting

Will your firm flourish or flounder in tougher economic times?

[Australasian Law Management Journal,Finance & Accounting,General Management,Marketing & Business Development,Strategy & Leadership] March 23, 2019

Given talk of an economic downturn and a possible recession in Australia, senior managers in law firms need to start recession-proofing their businesses and identifying their strengths and weaknesses, writes Trish Carroll. Australian economists are not alone in predicting an economic downturn, or even a serious recession, depending on whether you are a glass-half-full or […]

Latest news – Billable hour dominates invoicing; Leadership skills in demand; Diversity strategies don’t always deliver

[Australasian Law Management Journal,Compliance & Risk Management,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership] March 4, 2019

Billable hour still rules at mid-market firms A new survey from Pitcher Partner reveals that, despite a shift towards alternative fee structures, the billable hour still dominates for certain law firms. The survey of 140 mid-market sized firms found that hourly rates make up 58 per cent of invoices, with fixed rates comprising 29 per […]

Latest news – Top-tier firms see the positives; Report urges rethink of law firm model, UK law grads hit pay dirt

[Australasian Law Management Journal,Finance & Accounting,General Management,People Management(HR),Strategy & Leadership,Uncategorized] January 27, 2019

Bullish outlook for top-tier Australian firms Sentiment among legal practices, especially top-tier firms, is “exceptionally positive”, according to the latest edition of the CommBank Legal Market Pulse. The annual analysis of the trends shaping the legal services industry in Australia turns the spotlight on the way in which firms are future-proofing their operations in response […]

Latest news – Big profits, big grins for firms; more women joining partner ranks; Litigation finance on the rise

[Australasian Law Management Journal,Finance & Accounting,General Management,Strategy & Leadership] December 24, 2018

Firms naturally upbeat as profitability increases Australian law firms are happy about business conditions on the back of recent large profits, according to the latest CommBank Legal Market Pulse series. The survey found that the confidence of the country’s top and mid-tier firms in both industry and broader economic conditions rose from 20 per cent in […]

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 […]