Description
Book SynopsisSo you AZre in A C or striving to be in A C The Lawyer AZs top 200. But are you being measured on what your clients actually find attractive? With increased demand for efficiency, value added services and effective governance, a ranking based simply on revenue is not sufficiently compelling. Having an effective governance model and the right measures of success in place are now vital to secure sustainable profitability for your firm. AZs report on Law Firm Governance and Measurements of Success provides a vital examination of: New governance models for law firms of different sizes and complexities; Law firm growth stages and the structural changes necessary to succeed; Overcoming the cultural barriers/issues involved with changing your governance and/or measurement systems; Current measurements of success A C internal and external; New medium and long-term success metrics to better support long-term thinking, and payment and reward structures; Attracting clients and external investors through effective reporting of your firm AZs success; and more Peter Blair, former first chief operating officer of Field Fisher Waterhouse provides cutting-edge analysis on The Lawyer AZs top 200 firms by examining what creates their success. Peter evaluates whether the measures used are effective and demonstrates how by using alternative metrics you can boost your rankings. Featuring real-life case studies this invaluable report provides a vital insight into current law firm governance models, examines where they are going wrong and how they can be improved to secure sustainable growth.
Table of ContentsExecutive summary... V About the author...VII Acknowledgements...IX Part One: Effective Governance Models and Measurements of Success Chapter 1:The norm A C Or law firm 1.0... 1 Chapter 2: Other models... 7 International jurisdictions... 7 The US model... 9 Alternative business practices... 9 Chapter 3: 21st century governance A C Or law firm 2.0... 13 The small firm... 13 The medium-sized firm... 16 Example A C Firm C... 18 Supporting the business... 19 The larger law firm... 20 Partnership or limited company... 23 Chapter 4: Roles in the law firm... 25 Managing partner... 26 Senior partner... 27 CEO... 28 Board partners... 29 Non-board partners... 31 Non-executive board members... 32 Other members of the board... 32 Rotation... 33 Benefits... 33 Chapter 5: Change management... 35 Chapter 6: Current measurements of success... 39 Example A C Firm B... 41 Example A C Firm X... 42 Average changes A C 2009 to 2010... 43 Clifford Chance A C Average changes 2009 to 2010... 44 Chapter 7: Other measurements of success... 45 Chapter 8: New measurements of success... 49 Example A C Firm M and Firm N... 49 Example A C Firm X... 50 The starting point A C Revenue and PEP... 51 Net Profit per Fee Earner (NPpFE)... 52 Net Profit per Equity Partner (NPpEP)... 53 NPpEP as a percentage of revenue... 53 Example A C Firm H... 54 Net Profit per Total Staff (NPpTS)... 55 Summary of new external measurements... 57 Internal measurements... 58 Matter contribution... 59 Example A C Firm P... 60 Chapter 9: Improving performance... 65 Part Two: Case Studies Case study 1: Firm A... 69 An evaluation of Firm A AZs governance structure... 70 Case study 2: BrookStreet des Roches... 73 Case study 3: Ashton Graham... 77 Appendix: Law firm comparison data... 79 Index... 107
