Executive summary . ixAbout the authors . xvChapter 1: The law firm profit primer . 1By Toby Brown, CEO, DV8 Legal StrategiesLet''s get started . 2Moving right along . 4Putting it all together . 8Core challenge . 9Conclusions .
10Chapter 2: KPIs for aligning strategy to enhanced client value and partner profitability . 11By Steven Campbell, consultant, Acumen KPIAvoiding unintended consequences . 12Don''t confuse margin (net income) and profits per equity partner (PPEP) . 14Dashboards should focus on areas of greatest impact . 14Vision drives strategy - strategy drives effective KPIs . 17Example law firm mission, values, and vision . 17Non-financial KPIs . 18New tools to help measure and prioritize strategic action .
20Effective KPIs should inspire action . 21Conclusion . 22Chapter 3: Applying battlefield lessons during peace time - learnings from the COVID-19 pandemic . 25By Tim Corcoran, BringinTimThe standard playbook . 26The onset . 31Lessons learned . 32The long view . 45Chapter 4: Linking partner and associate compensation to the achievement of a firm''s strategy .
47By J. Mark Santiago, managing partner, SB2 ConsultantsVision and strategy development . 47How did we get here? . 49Compensating the rain dancers . 51Contribution roles . 52Individual partner goal setting . 54Assessment and evaluation . 54Communicating pay decisions .
55The partnership compensation system . 55Closing the loop . 56Chapter 5: Pricing approaches and firm profitability . 59By Shaun Jardine, founder, Big Yellow PenguinBusiness development, clients, and positioning strategy . 63Understanding clients . 67Create a pricing strategy and vision . 69Lead the change . 76Chapter 6: The roadmap to £1,000,000 extra profit in three years .
79By John McCarthy, profit coach, Summit BusinessIntroduction . 79The P.R.O.F.I.T. system .
79The nine-step roadmap . 80Implementing the P.R.O.F.I.T. system .
83The business blueprint . 84Not following the business blueprint . 85Following the business blueprint . 86How poor cash flow almost sank a law firm . 89The five cash flow levers . 90The five cash flow levers being implemented . 93Profitability and efficiency first, marketing second . 94Profit exercise .
97Implementing the profit maximizer . 99Don''t do what many other law firms do . 99Focusing on effectiveness . 100Putting this into practice . 100Closing thoughts . 101Chapter 7: How a sound matter pricing strategy canelevate law firm profitability . 103By Jack Kingston, account manager, BigHandBringing in the best matters for your firm . 104Differing approaches for payment of legal services .
105Chapter 8: Questioning the value of law firm rack rates . 111By Richard Brzakala, senior director, Global External Legal ServicesBackground . 111Why RRB discounts are so attractive to CLDs . 112The credibility of cost savings based on RRB data . 113The utilization of supplementary fees . 114Zero negotiation strategy . 114What are CLDs looking for? . 115Law firm reliance on pricing specialists and business intelligence tools .
117What CLDs want to see from firms utilizing a RRB strategy . 118The importance and value of transparency . 120Conclusion . 123Chapter 9: The next frontier in pricing strategy - capturing value from legal technology . 125By Stuart Dodds, principal, Positive PricingMaking sense of the legal technology landscape . 126The partner''s perspective . 128The client''s perspective . 129The pricing professional''s perspective .
130Pricing approaches adopted to date . 134Key considerations . 135What we can learn from the early adopters . 136Chapter 10: Harvey Specter - the ghost of a law firm reality yet to come . 139By Phil Nixon, senior sales executive, Elite TechnologyWhat is available and how will this impact legal services? . 141Will you take the blue pill, or the red pill? . 143Building the foundations for technological success . 143Can technology actually help us become more profitable? .
144Improving profitability and WIP to cash with technology available today . 147Improving profitability and WIP to cash with one eye on the future . 148A technology roadmap - getting your house in order . 150Chapter 11: AI and what it means for law firm profitability . 155By Wayne Hassay, managing partner, Maguire Schneider HassayThe ethics objection . 156The fear of change . 157The risks and emerging power of AI . 158Making a smarter, more profitable, law firm .
161Conclusion . 163Chapter 12: Sustaining success along the prof.