The need for accurate real-time information is growing, not only for improved law firm performance, decision-making, and, ultimately, profitability, but also to ensure regulatory obligations are met. With this in mind, Managing Partner's report on Measuring and Reporting for Law Firm Success could not have come at a better time. This practical guide demonstrates how to accurately identify, measure and report crucial real-time information to improve decision-making across key management areas. These include: * Risk management; * Client management; * Strategy development; * Financial management; and * People and performance management. Using practical examples, respected strategy experts Peter Scott and Richard Wyatt analyse current management challenges and offer clear guidance on measuring and reporting on key areas to achieve optimum decision-making and performance results. Topics covered will enable law firm managers to: * Implement and glean relevant real-time management data from practical questionnaires, surveys and financial tables (included); * Generate accurate financial and management reports for maximum impact; * Measure and use information necessary for support infrastructure planning - particularly technology, and KM; and * Effectively report real-time information to different audiences within the firm. Contained within the complimentary CDROM, you'll find practical questionnaires that can be adapted and implemented immediately within your firm to glean valuable management data: These include: * Client perception; * Measuring and managing partner performance; * 360-degree feedback; and * Achieving success - A self-analysis.
Executive summary... V About the authors ...VII Part One: Measuring and
reporting for law firm success
Chapter 1: The challenges facing law firms
today... 3 Purpose of this report...3 Measurement ...4 Competitive advantage
...5 Reporting ...5 Breaking the cycle of stasis or decline ...7
Chapter 2:
Developing strategic plans through analysis and evaluation ... 9 External
factors - Client and market perceptions and needs...9 Analysing critical
client feedback...10 Client perception questionnaire...11 Factors determining
choice of firm ...12 Factors which can drive satisfaction...16 Internal
factors - Partner values...17 Partnership questionnaire...18
Chapter 3:
Measuring and managing risks to gain competitive advantage... 25 Making the
connection between managing risk and building competitiveness...25 Knowledge
management...27 Knowledge assessment checklist...28 Types of risk ...28
Identifying and measuring specific law firm risks...31 Monitoring and
measuring the effectiveness of risk controls...35 Claims monitoring ...37
Complaints monitoring...38 Financial measurement in relation to non-financial
risks...38
Chapter 4: Client management ... 41 Introduction... 41 Values and
behaviours...42 Marketing...43 Client retention.44 Service provision...46
Aftercare - Looking after your clients...47
Chapter 5: Measuring and
managing the performance of your people... 49 Performance measurement and
competitive advantage...49 Measuring and managing partner performance...50
Performance viewed from a client perspective ...52 Using peer group feedback
to help managing partners become more effective...55 Confidential internal
questionnaires...59 Linking performance to reward...60 Assessing
performance...62
Chapter 6: Financial management... 63 Profit and cash..63
Using cash collection targets...64 Profit and contribution analysis...68 Case
study: The potential impact of closing a department...69 Measuring
profit...71 Allocating and apportioning overheads...74 The importance of
measuring time...75 Cost per hour...77 Focusing on the balance sheet...81
Using comparators...82 Part Two: Appendices Appendix 1: Client perception
questionnaire ... 87 Appendix 2: Questionnaire - Measuring and managing
partner performance... 89 Appendix 3: A 360 degree feedback questionnaire ...
93 Appendix 4: Achieving success - A self-analysis questionnaire... 99
Peter Scott Peter, a solicitor, was Managing Partner of Eversheds London and European offices for eight years until 2000. He is an advisor, trainer and coach to many law firms in the UK and abroad in relation to their financial, strategic, risk, compliance and business development issues, with particular focus on helping clients to improve their competitiveness through effective performance management. Peter is the editor of The Law Society's Practice Management Handbook, now in its 2nd edition, and a member of the editorial board of Legal Compliance Bulletin, published by the Law Society. He is a frequent speaker at conferences for lawyers and other professionals, and his articles are published in a number of well-known legal and other professional journals. He circulates to his wide client and contact base a monthly 'Briefing Note' on topical issues which can be viewed on his website: www.peterscottconsult.co.uk. He is also a consultant with Penningtons Solicitors LLP. Richard Wyatt Richard is a chartered accountant and experienced law firm consultant and manager. He has spent nearly 30 years advising on accounting, management and strategy issues for law firms, including seven years as the finance director of a medium-sized regional law firm. Richard is currently the Head of Finance at Piper Smith Watton LLP, a Westminster-based property, private client and corporate firm, with a specialism in the aviation and travel industries. He has contributed to a number of books, most recently The Future of Legal Services: Expert Analysis UK 2nd Edition, has spoken at a number of conferences, and regularly lectures at the Law Society, including teaching the finance section at the Management 1 course for recently qualified lawyers. His style is challenging and entertaining and he puts energy into everything he undertakes. Richard is married with two sons. He is a cricket coach and plays regularly, and tries to play golf and tennis too
