Profit Patterns: Using matter budgets and alternative fee structures to increase your profits per partner
This program will help law firm administrators and management teams seeking new methods to enhance their bottom line and increase their profits per partner. Lawyers often make arrangements with clients to get their business with little knowledge of the cost or profitability of the specific engagement. The use of prospective matter budgeting can create a competitive advantage to offer more value to clients and increase a lawyer's business. The use of forensic matter budgeting can be used to identify why specific fee arrangements are more profitable than others. The discussion will also review a matrix of implementation issues including cost analysis, labor utilization, and process efficiency as well as methods for improved client management.
Michael Moore is our guest speaker. Michael is the founder of Moore's Law and helps both lawyers and law firms create professional success. He specializes in individual coaching, client development, and leadership for lawyers. Michael also advises law firms on strategic planning, growth initiatives and resource optimization. His article on law firm compensation was published in 2012 by the Wisconsin State Bar. In 2011, Michael spoke at the ALA Annual Conference on "Retention and Motivation" and at the recent 2012 Annual Conference on "The Road to Partnership." He will also be presenting programs at the Law Firm Financial Management Conference in Chicago and the Region 3 ALA Conference in Minneapolis. Michael has more than 25 years' experience in private practice, as general counsel to a public corporation, in legal recruiting and in law firm management.
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