Domain: Business of Law
Join our speakers for an in-depth, hands-on session that will address both the theoretical and the practical, as we explore the law firm economic and profit model. Attendees will be provided with an overview of law firm financials and various methods of assessing firm and client-profitability. They will be sensitized to key drivers of profitability (KPIs) and why they are important to managing a portfolio of clients. Ramifications for value-based pricing versus cost-basis pricing approaches will be addressed. For those participants with either limited resources or no internal resources designated for pricing activity, strategies will be suggested that can be helpful in assessing profitability in the absence of well-established internal measures. Finally, concepts for portfolio management such as relative profitability, performance to plan and ROI for marketing activity will be introduced.
Group exercises will include:
- Building a matter staff plan
- Evaluating the proposed profitability of a matter using different price points and AFA terms
- Calculating realization and margin
- Analyzing productivity data to quantify opportunity costs
- Post-mortem analysis and ROI examples
Kristina Lambright, Director of Strategic Pricing, Akin Gump Strauss Hauer & Feld LLP
John Strange, Director of Pricing and Project Management, Baker Botts LLP
Member Price: $59
Prospective Member Price: $79
This session includes video, audio and synced presentations for an enhanced virtual learning experience.