Advanced Financial Administration for Legal Management Professionals
Critical Tools for Navigating the Evolving Law Firm Financial and Profitability Landscape
Wednesday, September 12 and October 17 from 1:00 - 5:00 p.m.
Thursday, September 13 and October 18 from 7:30 - 11:00 a.m.
In today’s fiercely competitive legal market, it’s critical for law firm leaders to stay current with trends that impact financial performance. This hands-on summit — designed for senior law firm leaders responsible for firm governance, operations and finances — will provide practical insights to navigate the changing landscape of law firm management. Leading experts will offer examples and practical takeaways for how law firms can improve financial performance, foster a more collaborative culture, create stronger ties with key clients, and grow the business profitably.
Traditional financial metrics — including historical stalwarts such as profits per equity partner, and compensation models based primarily on productivity — are giving way to new tools and techniques that empower law firms to incentivize behaviors that strengthen and align the firm’s financial position. In these intensive, two half-day sessions, participants will tackle the following:
Law Firm Profitability
- Examine why one measure of profitability isn’t enough.
- Discuss how to apply and use profit metrics.
- Explain how to build better links between profitability and pricing, including alternative fee arrangements (AFAs).
- Identify tips and tricks when communicating about profitability.
- Review how to incorporate profit into performance management.
- Describe how to identify, drive and reward desired behaviors.
- Examine challenges and opportunities of different compensation models.
- Analyze why most current compensation models inhibit profit gains.
- Discuss managing performance and underperformance.
- Review change management for compensation redesign.
Implications for Law Firms of Recent Tax Law Changes
- Identify challenges and opportunities.
- Discuss revisiting firm business structures.
- Examine partner compensation.
- Examine capital management.