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15. You Want A Formula For Law Firm Profit? Try this P=CE2
Profit = Client Focus + Efficiency + Effectiveness, or P=CE2. In other words, specialize in your clients and then embrace efficiency and effectiveness in every task, every day. Just as Newton had his first law of motion, so for law firms this is the First Law of Profitability.
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Read These Next
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16. A Guide to Sustainable Profits
2. Providing Value to Your Client
The traditional law firm definition is along the lines of increase rates, manage capacity and drive hours. This formula isn’t so much wrong, as unsustainable. Why, because it’s all about the law firm at the expense of everything else.
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17. If You Don't Expect Risk, Then Don't Expect Repeat Business
2. Providing Value to Your Client
If risk is unexpected and unmanaged, it can imperil not only the project, but also the client relationship and so affect long term sustainable profitability. Factor risk into your work and advice and earn the trust of your clients.
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18: Future Proofing: The Fundamentals
2. Providing Value to Your Client
Future Proofing is about reframing the way law firms align themselves to clients, deliver services and support talent. This lesson starts with Future Proofing fundamentals for law firms — technology, real estate and people — and how to anticipate the future and protect against it.
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2. Understanding the Two-Sided Market of Law Firms and Clients
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3. The Economic Value of Applying Lean Methods Includes Repeat Business
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4. The Roadmap for Value Starts with Alignment on Expectations
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5. Focus on Your Strategic Plan to Succeed, Not Your Plan to Outwit Your Opponent
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8. Articulating Your Process to Demonstrate Value to Your Client
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11. Plotting Lawyers and Tasks to Provide Transparency in Planning
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13. Do Efficient Lawyers Make Firms Profitable or Unprofitable?
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14. Making Associates More Efficient Boosts Profit and Aids Retention
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17. If You Don't Expect Risk, Then Don't Expect Repeat Business
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19. Future Proofing: Talent Is a Long-Term Sustainable Proposition
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24. Are You In the Business of Law for Your Clients Or Yourselves?
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25. Transitioning from Student to Associate: Raise Bills or Raise Eyebrows
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26. Transitioning from Associate to Partner: Titles Don’t Matter to Clients, Methods Do
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27. Transitioning Between Law Firm and In-House: Do More With Less Is Now Your Job Spec
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28. Transitioning from Partner to Oblivion: The Leap Into Life After Law
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30. Gen AI Is Part of Your Clients’ Lives, So It Should Be Part of Your Client Service
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