Law Firm Margin Improvement
Improving profitability through a disciplined focus on value
In-house legal teams are continuously demanding “more for less” from their law firms. Law firms are being forced to rethink their operating models and how they deliver their services. While lower rate pricing– often fixed fee - is a key requirement, by itself it is not enough and in-house legal teams, under pressure from CEOs and CFOs, are seeking innovation through:
better use of technology
better alignment of law firm output to their needs including improved responsiveness
For law firms maintaining (let alone improving) margin in this environment is requiring more discipline, structure and openness in how legal matters are project managed and how firms use an optimal blend of their resources – people, knowledge and technology - to meet client demands.
There is no one “silver bullet” when it comes to margin improvement. The good news for law firms is that there are multiple options – across both legal practice areas and support functions – that allow firms to improve profitability whilst meeting client expectations. Using proven techniques –often from other professional services such as the Big 4 leading law firms have been able to realise double-digit improvements in profitability, whilst still delivering cost savings to their clients.
(click on each for full details)
How we can help you
OMC Partners have been helping law firms improve their margin for over a decade. During this time, we have helped market leading firms make strategic structural adjustments to how they work and also advised on rapid cost reduction exercises. We also help law firms collaborate with clients to secure the “best bang for their buck” whilst improving margin– a win-win scenario.
We advise and deliver solutions in the following areas:
work with you to identify the options you have open to you to improve margin – across legal practice areas and support functions
determine strategy based on prioritised options to suit your business model and client service objectives
develop implementation and change management approaches (“winning hearts and minds”)
design new innovative operating and governance models including “Northshore” offices, Alternative Business Structures, contract-lawyering approaches
identify and implement new enabling technologies to automate activities and improve service delivery and client collaboration
work alongside you to manage the change process in a risk-managed way