Law is a Buyers’ Market

Another great interview by Jacky Wetzels of salesmoves, this time with Jordan Furlong on his new book “Law is a Buyers’ Market”. The interview covers some of the main topics contained in Jordan’s book, including:

  • Future of Law Business
  • Law Leadership
  • Future Proof Law Business Skills
  • 3 Steps for Successful Change

Jordan outlines his thoughts on the dramatic changes coming to the legal industry. One of the main themes of the book is that law firms will look very different in 10 or 15 years than they do today. Law firms will consist of many more “non-lawyers”, including “legal process engineers” and consultants of various types. I can see more multi-disciplinary oriented firms as well in the future.

In the future, law firms will be much more client-focused and fixed fee billing will encompass 50% of total legal industry billings. Successful lawyers will receive more business skills training and will understand their clients’ businesses thoroughly. There will be a much more clearly defined division of labour where every member of the firm will fulfill a specialized role. Law firm leaders will run their firms like a business and will spend the majority of their time on management, not legal work.

See the full interview here.

 

 

 

Managing Your Law Firm with Key Performance Indicators (Podcast)

I listened with interest to Jared Correia’s latest Legal Toolkit podcast with his guest Mary Juetten speaking on the topic of Managing your Law Firm with Key Performance Indicators (KPIs).

Mary has some great suggestions for KPIs that small firms can use to improve their profitability. Two of her favourite KPIs are Net Promoter Score and the Pipeline. Listen to the podcast to hear more.

Eight habits of highly profitable law firms

I often speak to law firms about different ways to increase profitability. The attached article discusses eight good ways to increase profitability. The suggestion to focus on larger, more “institutional” clients that provide regular work is key. Focus on fewer, more profitable clients and service them well. Conduct regular client service interviews and make sure clients are satisfied and achieving their strategic goals using your legal services.