Why project management is becoming increasingly important to law firms

This week's post comes from the preface to my new book . The preface starts by explaining how to use the book's tools and templates to improve profitability and client service, then transitions to the material below, explaining why project management is becoming a critical component of many firms'...

An introduction to legal project management (Part 3 of 3)

This series of posts is a slightly extended version of an article that appeared in the July 2011 issue of Managing Partner magazine . To download a PDF of the published version of my article, click here. Firms that are looking for more affordable solutions sometimes start by focusing on the...

The nine most common types of alternative fees

When I interviewed chairmen, senior partners, and C-level executives from AmLaw 100 firms (in the LegalBizDev Survey of Alternative Fees ), nine types of AFAs were reported most frequently: Fee caps : In a fee cap, hourly rates are charged up to an agreed maximum amount for a particular matter...

Pricing (Part 1 of 6): What lawyers need to know and why

Some law firms are going to large companies and offering to do all their legal work for one fixed price, but the firms don't know how it will work out in the long run. I suspect in some cases it will come out really ugly. This prediction was made in 2009, by a senior partner from an AmLaw...

Pricing (Part 2 of 6): The cost-plus approach

A few weeks ago, when I gave a speech at the retreat of a 1,000 lawyer firm, a senior partner asked: "In your experience, how do large firms determine costs?" I replied: "Mostly, they don't. Until recently, most firms were making so much money they didn't need to precisely...