Conferences On Demand Preview:
Financial Management Track

Presenter: Timothy B. Corcoran

Timothy B. Corcoran is a Principal with the Corcoran Consulting Group and the 2014 President of the Legal Marketing Association. In his practice he advises law firm leaders, in-house counsel and legal service providers on how to profit during a time of great change. He assists law firm leaders with business strategy, primarily in the areas of operational excellence and business growth, and assists in-house counsel manage preferred provider programs.

Part 1: New Metrics for a New Normal

Video length: 01:18

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Part 1 Description: In years past, law firm leaders were content to rely on retrospective performance metrics to assess financial health. However, it is no longer sufficient to measure what has already occurred. Now, leaders must adopt and incorporate daily, weekly, and monthly metrics that not only provide insight into the firm’s and individual practices’ financial health, but that help guide management decisions. Firm and practice group leaders need real-time information to make battlefield decisions on pricing, resource allocation, staffing, matter profitability, competitive advantage, client satisfaction, compensation, and more. This video will cover emerging practices that apply across a range of firm sizes and practices and showcase methods for determining:

  • Prospective metrics that can be helpful
  • Potential conflicts that may arise in the use of these metrics
  • Tools that exist to capture and access these metrics
  • Ways to improve user adoption

Part 2: Pricing for Profit with Project Management and Process Improvement

Video length: 01:23

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Part 2 Description: As the demand for more creative and lower pricing increases, law firms will decrease profits by discounting rates without also addressing how legal services are delivered. This video will illustrate how a law firm can create sustainable, competitive, profitable differentiation through the use of Project Management and Process Improvement and strategic pricing, explain how to launch a successful pilot program and a firm-wide rollout while fostering a continuous improvement culture and address the potential hurdles posed by partner compensation plans, client procurement processes and competitive forces.

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ALA would like to thank the Foundation of ALA for their financial support of this initiative.