Announced on April 21, P3® – The Practice Innovation Conference will transform into P3® – The Virtual Experience, a series of online, interactive content taking place in June. The in-person experience was previously cancelled due to the COVID-19 pandemic. View the P3 home page for more information.

Drum Roll Please... the Results from “The Biggest Law Firm Profitability Survey Ever!”

Track: Pricing & Profitability

Session Number: 245
Date: Thu, Jun 11th, 2020
Time: 3:30 PM - 4:15 PM

Description:

Iridium Technology and LawVision have joined up to run a detailed annual survey on law firm profitability.  This will be the first time that the results will be presented from the second yearly survey.  The survey consists of over sixty questions and goes deep into the “nuts and bolts” of profitability allocations. Topics covered include most common allocation methods, handling exceptions, profitability and partner compensation, and cultural issues preventing wider adoption of profitability solutions. 

Session Type: Lecture

Learning Objective 1: Understand the drivers for establishing a profitability-based culture and the most common partner objections.
Learning Objective 2: Identify the most popular expense allocation methods used by law firms
Learning Objective 3: Describe how partner compensation is worked into profitability calculations
Discuss firm strategies for handling exceptions such as rainmakers or business development expenses
Body of Knowledge (BoK) Domain: Business of Law
Content Level: Essential
Session Type: Lecture

Learning Objective 1: Understand the drivers for establishing a profitability-based culture and the most common partner objections.
Learning Objective 2: Identify the most popular expense allocation methods used by law firms
Learning Objective 3: Describe how partner compensation is worked into profitability calculations
Discuss firm strategies for handling exceptions such as rainmakers or business development expenses
Body of Knowledge (BoK) Domain: Business of Law
Content Level: Essential