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Rethinking Pricing, Profitability, and Compensation in a Changing Marketplace


Level: Advanced
Runtime: 62 minutes
Recorded Date: June 09, 2020
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Agenda

  • Explore new ways of measuring profitability, incorporating different assumptions and measures for different business purposes
  • Review pricing approaches that balance market demand and practice innovation, incorporating predictability and project management
  • Demonstrate new ways to measure and reward profitable partner contributions as part of building a high-performance culture
  • Highlight the obstacles and best practices faced by law firms as they adopt these new approaches
Runtime: 1 hour, 2 minutes
Recorded: June 9, 2020

Description

Law firm leaders are embracing new approaches to measuring profitability. Profit isn’t solely about maximizing production in one-year increments. It now means generating profitable engagements with repeat clients across a variety of matter types and practices. Doing this effectively means embracing different models of pricing and service delivery, which in turn requires a rethink about which contributions matter and which should be rewarded. In this interactive session, we'll connect these dots and provide practical, actionable advice for how to proceed.

Attendees for this program will:
  • Explore new ways of measuring profitability, incorporating different assumptions and measures for different business purposes
  • Review pricing approaches that balance market demand and practice innovation, incorporating predictability and project management
  • Demonstrate new ways to measure and reward profitable partner contributions as part of building a high-performance culture
  • Highlight the obstacles and best practices faced by law firms as they adopt these new approaches

This program was recorded on June 9th, 2020.

Provided By

American Bar Association
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Panelists

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Timothy B. Corcoran

Consultant
Corcoran Consulting Group, LLC

Timothy B. Corcoran is a legal management consultant with offices in New York, Charlottesville, and Sydney and a global client base. He’s a keynote speaker, author, and legal commentator. Tim brings his deep experience from over two decades as a senior corporate executive to guide law firm and law department leaders through the profitable disruption of outdated business models. His disruptive, confident, and sometimes irreverent stage presence enables him to bring levity to topics of particular gravitas, while masterfully navigating tough discussions from a refreshing perspective. Audiences embrace Tim’s simplification of complex concepts, his practical and actionable advice, and his deep understanding of both the psychology and economics of change.

As a change agent, Tim’s focus is on helping law firms operationalize their strategy, improve profits with project management and process improvement, embrace profitable alternative fee arrangements, assess and improve partner compensation plans, design new financial metrics and dashboards, build effective operations, train current and future leaders, refine business development skills, and embrace technology. Tim helps law departments embrace performance analytics, better manage outside counsel, and improve business velocity. Tim also advises legal service providers on sales effectiveness and go-to-market strategy.

Tim served as President of the 4,000+ member Legal Marketing Association and is a member of its Hall of Fame, he’s a Trustee and Fellow of the the College of Law Practice Management, and a sought-after speaker and writer on topics related to the changing business of law. He also authors the widely-read Corcoran’s Business of Law blog.


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