Those of you who follow our Twitter handle (@Clocktimizer) will be familiar with our Chats. For one hour we host a debate around three big questions facing the legal industry. We’ve covered the death of the billable hour. Whether lawyers need to be good at service delivery. We’ve even discussed whether robots are out for lawyer’s jobs. Spoiler alert. They’re not. Well, it’s time for another edition. This time, with some friends from over the sea.
This year we’ll be teaming up with LawVision to discuss three more hot topics on the 7th February at 5pm CET. That’s 11am if you’re on the East Coast in the US. Or 4pm for our British neighbours. Our three questions will be focused around law firm profitability, a specialty of our co-hosts LawVision. Use the hashtag #LawProfitChat to follow the conversation.
Is good service delivery the number one thing firms should focus on if they are worried about profitability?
Our first topic up for debate is a big one. Because we’re following a theme of law firm profitability, we’re kicking things off with a look at whether good service delivery equates with good profit margins. After all, a happy client is a loyal client. Or so the logic goes.
However, does service delivery go beyond client loyalty. Can good service delivery be the reason why projects are better scoped, or come in under budget? Or do you believe that service delivery is simply the proverbial cherry on the cake. That is has no say in a firm’s bottom line? We’d love to hear your thoughts!
If you price for value, can you hope to be profitable?
Well, for starters, what is value? Is value the price a client is willing to pay? Is value the relative worth of it to the business? Or is it how much you offset in risk? And even if you can put a figure on that, will that make financial sense for a firm?
There are a myriad of questions that arise from this topic. So if you work in pricing, or are from the client side, what is your experience? Should value even be part of the pricing conversation?
Write downs are bad for law firm profitability. But are they a sign of poor project management or misunderstanding your client’s needs?
We’re saving the most contentious question for last. Inevitably, talk of write downs often leads to a blame game. Does a client querying a bill indicate they don’t agree with the total? Or could it mean that the client doesn’t have a good enough oversight to find justification in it? We want to hear your first hand experiences. If your project ran over budget, do you think a tool could help you avoid cost overrun? Of do you think it’s all down to good communication? Join the debate on the 7th!