False Profits: The Art and Science of Measuring and Motivating Performance

Track: Pricing & Profitability

Session Number: 2123
Date: Fri, Jun 14th, 2019
Time: 11:00 AM - 12:00 PM

Description:

Law firm KPIs are meaningless if they aren't aligned with client success metrics and partner compensation. Similarly, law department KPIs are ineffective when outside counsel have significant motivation to act differently. The most effective collaboration starts with understanding where, and where not, law firms and clients are measuring and motivating the same behaviors.

This interactive session will engage senior-level professionals in discussion – and perhaps even debate – about the merits and drawbacks of various approaches to measuring law firm profitability, how each interacts with partner compensation and where they do – and don’t – align with client measures of success. We will explore the unique challenge of performance management from the lens of both client and law firm. The group will draw connections between hard figures and the softer side – culture, leadership, innovation and collaboration – to determine what factors have the greatest impact on motivating top performance. 

The facilitators will draw on frameworks for measuring profitability based on numerous in-depth interviews with key industry leaders to create a baseline for initiating the conversation. We'll also discuss how resolve when metrics and motivations are out of alignment.

In addition to the two primary presenters, we plan to invite two additional leaders - one a representative from a law firm and another from a corporate counsel department - do join us and offer their perspective and experience to the audience: where do they see the greatest breakdowns in alignment of metrics and how have they successfully overcome or realigned their performance management to address these gaps.

Session Type: Roundtable

Learning Objectives: Identify how your peers are measuring profitability and incentivizing the right behaviors
Learning Objective 2: Discover areas of alignment between client and firm visions of success
Learning Objective 3: Create a pathway for a cohesive, collaborative approach to performance management
Explore the merits and drawbacks of various profitability metrics
Gain insight into what the future holds, including new and innovative approaches to leveraging data for better client-firm relationships
Body of Knowledge (BOK) Domain: Business of Law
Content Level: Advanced
Session Type: Roundtable

Learning Objectives: Identify how your peers are measuring profitability and incentivizing the right behaviors
Learning Objective 2: Discover areas of alignment between client and firm visions of success
Learning Objective 3: Create a pathway for a cohesive, collaborative approach to performance management
Explore the merits and drawbacks of various profitability metrics
Gain insight into what the future holds, including new and innovative approaches to leveraging data for better client-firm relationships
Body of Knowledge (BOK) Domain: Business of Law
Content Level: Advanced