Topics: Assessment & Activation Suite
Prior to the COVID-19 crisis, there was huge variation in financial performance between law firms, with some firms showing significant two-year growth in metrics such as profit margin whilst other firms remained more or less static, or even declined.
In the current climate, many clients are facing huge pressure to reduce legal budgets, thereby decreasing the total dollar value of work available. At the same time, many are likely to be facing substantial disputes in the near future.
It’s therefore more important than ever for law firms to be able to attract clients and capture the most valuable and profitable work in the market, while also positioning themselves effectively for longer term success. Doing so requires focusing investment in the right areas of the firm, from developing the most important lawyer skills to ensuring business services are focused on the support pillars which will have the greatest impact on firm performance as a whole.
To that end, we have drawn on the rich insights from Acritas and Peer Monitor data to identify the hallmarks that differentiate the most successful law firms from the rest. This will enable firms to strengthen their plans and invest in the right areas to succeed, whatever comes next.
The Best Performance Model
Using insight from Peer Monitor and Acritas’ Sharplegal and Stellar Performance, we have identified the hallmarks of financially successful firms.
Comparing strategies with this Best Practice Model will help firms to:
- Effectively develop the lawyer skills that have the greatest impact on winning the highest value work and wowing clients
- Identify the business service functions in which it is particularly crucial to invest right now
- Set business service objectives which facilitate success
- Ensure firm strategy is working to maximise financial success
Peer Monitor data shows that firms who get it right improved their profit margins by an average of five percentage points over just two years. That means an additional five cents from every dollar collected became profits for the firm.
To learn more about the Best Performance Model, contact us: