Using Performance Benchmarks to Maximise Your Opportunities
[Webinars] August 12, 2010
Presented by Sam Coupland, FMRC Legal
You don’t have to be big to be profitable. In fact, you don’t even have to be busy. Being big or busy does not ensure profitability. The profits of even the busiest firms can be hampered by poor managerial practices.
All practices require well thought out strategies to maximise their potential given the market in which they operate. Whilst the more financially successful firms share some strategic and operational traits, there is no one true model for guaranteed success. Principals need to know the current status of a number of performance indicators and profit drivers. From this point they can work towards a set of clearly defined goals.
This webinar will examine:
- The proven benefits of benchmarking performance in the legal profession
- How incremental improvement in key profit drivers can make a positive impact on profit
- Lead and lag indicators of good performance
- What the successful firms are doing and how to emulate that success
Understanding and managing the economic drivers of your practice will make it profitable – and keep it that way. Benchmarking is the first step to achieving this.