Topics: Assessment & Activation Suite
Law firms, along with virtually all other commercial businesses, are facing difficult times. To be best placed to not only survive, but thrive, they must react rapidly to reduced activity, extreme price pressure and increased client expectations of value.
Acritas, now part of Thomson Reuters, has analyzed its wealth of legal market data - spanning over 20 years - to identify critical success factors for specific practice groups. These have been integrated with financial metrics benchmarking from PEER Monitor to provide law firms with a cost-effective, timely and clear framework to prioritize the highest impact actions to take at practice group level right now.
Multiple models of best practice
Our analysis has revealed that different things drive peak performance for Litigation, Corporate/M&A, Labor & Employment and other areas. A one-size-fits all, firm-wide approach to practice group management fails to fully optimize performance; firms refining their individual practice group management strategies will be the fittest and most resilient over the coming months and years.
We have developed an evidence-based model of best practice for each major practice group, along with straightforward online diagnostic tools for law firms to identify what’s working well and what needs attention. For each practice group, our models consider key areas for focus in:
- Talent management
- Client experience
- Financial performance