When managing partners and members of law-firm management committees start talking about increasing income, one of the first things they think of is reducing overhead. But some of the most profitable law firms have found that cost cutting is not the only way to improve the firm’s cash position. By identifying the major factors that impact directly and indirectly on the generation of gross receipts, a firm can change practices that adversely affect firm revenue, and thereby increase income. One or more of the following 10 factors could be inhibiting profitability at your firm.
Inadequate Firm Management
Many firms lack a management system that provides for long-range planning, day-to-day administration and appraisal of results. Typically, no partner or group has authority for overseeing the successful operation of the firm. Partners tend to direct their attention to specific problems only as crises occur. By the time partners identify and resolve these problems months may have passed, and year-end dollar results may be less than expected.
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