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Necessity as the Driver of Innovation

Clients are demanding discounts, and client loyalty has given way to lowest cost. Some law firms have reacted by engaging in "suicide pricing" or offering services at unsustainable rates simply to keep the pipeline flowing. But it doesn't have to be this way. 

Winning business is still a relationship game, but it's critical to be more prudent about which relationships to pursue, which to maintain, and which to discard.  In the following Bloomberg Law broadcast, Tim Corcoran offers insights into how law firms are adapting to the new normal.

"Not every relationship has the same value to a law firm," he says.

"Many partners have grown up with the assumption that the more hours they bill and the more clients they pursue," the better they'll do, he says. But they fail to look at "the profit, the growth potential and the repeatability of that business" from the firm's biggest clients, he says.

View the full interview to hear Timothy B. Corcoran address how law firms are beginning to innovate (out of necessity) in the areas of legal project management, pricing, and more!

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10 Things I’d Do Differently as a Law Firm CEO

There are many good reasons for law firms to adopt business practices from other industry segments.  As has been made abundantly clear, the laws of economics apply equally to law firms as to other businesses.  Faced with declining demand and an oversupply of providers, law firms are experiencing unprecedented downward price pressure and clients are aggressively seeking substitutes.  Law firm leaders who have reduced overhead to maintain profit margins have learned that this approach falters when adverse economic conditions persist. Many law firm leaders now struggle with what to do next to survive.

Here are ten ideas drawn from my own corporate experience that law firm leaders can embrace to improve the fortunes of their firms:

1. Change the governance model.  Let’s first dispense with the arcane notion that a partnership is an effective or efficient management structure.  Notwithstanding any potential tax or liability benefits of the business form, it is ridiculous to believe that all partners should have an equal say in the operations of the business, particularly after an organization reaches a certain size.  Nor is a dictatorship acceptable, even when led by a benevolent leader, because such organizations lack sustainable business processes and falter when the leader inevitably departs. Identify a core leadership team at the firm and practice group level and give them the authority to lead.

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Webinar- Building a Legal Project Management Team, Recruiting the Right People

Last month over 40 law firms and 60 attendees dialed in to attend "Building a Legal Project Management Team, Recruiting the Right People" presented by Tim Corcoran and Stephen Nelson.

The legal professional has experienced a sea change in the past five years, as clients have increasingly been putting pressure on law firms to change the way that they do business. Central to this has been the demand for firms to adopt legal project management programs, often spearheaded by a new type of legal professional. But simply going out and hiring a certified project management professional is not enough.

If you were unable to attend, or if you would like to review the material you can access a copy of the full webinar here: Building a Legal Project Management Team, Recruiting the Right People Webinar. In this cutting-edge webinar, we will explore such issues as:

  • What training do your existing lawyers and administrators need before embarking on a legal project management program;
  • Why legal project management programs should be adopted even if alternative fee arrangements are not involved;
  • The interaction between legal project management and other key disciplines, such as client relations, business development, practice management and knowledge management;
  • How important are credentials such as a PMP or a JD; and
  • The importance of the "cultural fit"

If you would like to access a copy of the presentation (without audio) a PDF of the presentation is available here: Building an LPM Team, Recruiting the Right People Presentation.

Please feel free to reach out to Tim Corcoran directly if you would like to inquire about his help with Legal Project Management initiatives, and to Stephen Nelson (snelson@tmg-dc.com) for Legal Project Management related staffing support.

Forward Calendar - Speaking Events

Meet Timothy B. Corcoran at an upcoming event:

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