Rethinking Pricing, Profitability, and Compensation in a Changing Marketplace

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.

This session demonstrates how to better link individual lawyer performance with firm financial performance and client satisfaction. At present, these outcomes are often in conflict, requiring lawyers to make choices between what’s best for the client, what’s best for the firm, and what’s best for their personal incentives.

Learning Objectives:

• 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