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CPD: FINANCIAL SKILLS
Law Firm Profitability: Matter Planning, Pricing And Fee Negotiation

Intended audience:
Senior solicitors and partners

Duration:   
3 hours

Format:
Small group workshop with tutor-led discussions and practical case studies

Objectives:
As clients become more skilled at negotiating discounts it becomes increasingly important that senior fee-earners and partners understand how to engage with clients, plan work so that it can be performed efficiently, and improve their skills at keeping clients informed. This course will look at current market practice and provide practical tips that are guaranteed to improve matter profitability and client satisfaction.

Topics:

  • Introduction and overview
  • Where does it all go wrong?
    • Facilitated discussion on the reasons for matters becoming unprofitable
  • What are the best firms doing to improve performance?
    • Learning how to get paid faster
    • Clever ways to improve profit margins
  • Making better use of available management information
  • Getting better at controlling the cost of a matter
    • Eight golden rules to reduce the cost of a matter
    • Documenting a matter plan to improve efficiency, delegation and profitability
    • Linking the matter plan into existing know-how
  • Agreeing the fee with the client
    • Understanding why price reductions are worse than scoping adjustments
    • Practical tips for fee negotiations
    • Alternative pricing mechanisms: when are they appropriate and how are they best introduced?
    • Selling the value rather than the price
  • Maintaining control of a live matter
    • Establishing routines for time recording, billing, client updating, estimate revising and staff supervision
    • Understanding why lawyers do not always delegate
  • Action planning and conclusions

Outcomes:    

  • Participants will understand the major causes of poor profitability on matters and understand what can be done to improve performance
  • Participants will benchmark their practice against what other firms are doing
  • Participants will feel more confident when negotiating fees and pricing mechanisms with clients
  • Profitability of matters will be improved

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