The Legal Strategies Group is a business advisory firm with the knowledge, skills and experience to help small to mid-size law firms improve their bottom line. We have extensive experience advising law firm leaders on issues of revenue enhancement, profitability, marketing, and organizational excellence. Our focus is primarily on maximizing your firm’s profitability while taking into consideration your firm’s unique culture.
All services include our “phone call away” advisory service. This service provides law firm leaders with on demand objective business advice, counsel and/or a brainstorming partner. Our customized business advisory services are listed below.
Timely billing and collections are necessary in today’s law firms. Bills need to be sent to clients on a regular basis and clients need to adhere to payment expectations. LSG helps firms review their current policies and procedures and provides recommendations for improvement which will ultimately have a positive effect on cash flow and reduce WIP and AR.
Pricing is an important component to obtaining new business and retaining current business. Clients expect their law firms to provide service on a cost-effective basis. LSG is experienced in reviewing policies and procedures for establishing billing rates, retainer agreements, and alternative fee agreements as well as reviewing actual rates charged to clients. LSG helps clients improve their existing policies and procedures that will ensure the effective management of this area.
Branding promotes the strength of a firm and must be unique, representative, and consistent both internally and externally. The scope of a firm’s brand extends further than most realize and includes recruiting, your website, stationery, facilities, business cards, gifts, client communications, and client billing. LSG brand engagements include recommendations on key and appropriate messaging, consistency of identity, appearance and image, policy, and effectiveness of collateral materials.
A budget represents the firm’s financial goals and objectives. It is an expectation of revenue and expenses over a period of time, not a license to spend. It must be managed on an ongoing basis. LSG assists firms with their budgeting process and, if desired, helps to institute a zerobase budgeting philosophy. We also provide guidance and oversight of the ongoing management of the budget process.
Business development is an investment in any firm’s future profitability. To make the most of this investment, LSG helps law firm leaders develop procedures for new revenue generation while cultivating relationships with existing clients for cross-selling, retention and referrals. LSG’s services are tailored to specific needs and can include strategy development, pitch and proposal management, target market analysis, and implementing a formal client feedback channel.
Law firm leaders must understand financial management in today’s law firm. Without a key understanding and the ability to make critical decisions profitability can decline rapidly. LSG has years of experience in financial analysis and advising law firm leaders in important financial areas such as: Billing and Collection, Billing Rates and Pricing, Budgeting and Cash Flow, Capitalization, Debt including Lines of Credit, Partner Compensation, and Strategic Planning and Initiatives.
In an effort to increase revenues and/or expand practice areas, firms are increasingly looking to hire lateral partners with books of business. However, it is estimated that 50% of lateral partners do not succeed, with success being defined as laterals bringing 75% of their expected business within the first 24 months to their new firm. Also, laterals often complain that the new firm did not do a good job of integrating them. LSG can help your firm improve this process by assisting with the due diligence, development of a business plan, and designing a process for integration. These three steps will help you have a better success rate for your lateral hires.
Marketing departments objectives and priorities should be aligned with the firm’s vision and structured to maximize their contribution to the firm’s growth and profitability. Every firm’s marketing strategy should be tailored to maximize the firm’s strengths and potential. To ensure firms are making the most of their marketing investment, LSG examines the current department structure, scope and responsibilities, budget and resource allocation, and evaluates current operational processes and procedures.
Firms need to be strategic in how they allocate their marketing resources across multiple practice areas, offices, and client teams. LSG assists in building solid marketing plans to optimize spend and complement current capabilities. Engagements can include development of business plans for practice areas and individual lawyers; messaging; website design and optimization; CRM utilization; social media and other electronic communication vehicles; event management; competitive intelligence protocols, directory rankings and awards submissions; press relations and outreach; pitch and proposal generation; tracking ROI; etc. LSG’s philosophy is results matter more than the amount spent in relation to revenue a common yet often misguided recommendation.
An organizational structure should fit the law firm’s culture and define how tasks are done and the proper authorization to achieve goals and objectives. In many firms, structures are bloated and do not emphasize efficiencies which cost the firm unnecessary expenses. LSG focuses on the philosophy of “do more with less!” We help firms take a hard look at their current administrative departments as to their structure, scope of responsibilities, and capabilities and make recommendations for improvement. Also, LSG will help, through mentoring and coaching, existing and future management personnel grow their capabilities and effectiveness.
Partner Compensation drives behavior. It has to be aligned with the firm’s overall goals and objectives. LSG assists clients in the development of a partner compensation philosophy that fits within and shapes the culture of the firm. We have extensive experience in developing and managing this sensitive area in a manner that is viewed as fair and equitable.
Firms want practice groups to be managed effectively. Many, if not most, Practice Group Leaders (PGLs) have no formal training. LSG works with firm leadership on establishing winning expectations for PGLs. This creates an understanding of goals, objectives, and create accountability. We understand that all Practice Groups are not the same but all should be managed well and within the strategic vision of the firm. Also, PGLs should have access to accurate data to assist them in the management of their group. If desired, LSG will help develop industry focused client teams.
Retreats are excellent opportunities for attorneys to bond with each other and for law firm leaders to interact with their colleagues on important issues like strategic initiatives, marketing opportunities, and client interaction. A successful retreat takes time and effort. LSG can assist with the planning of a retreat to ease the burden on partners and employees who already have a full time job. Also, our Principals can speak or moderate a panel on various business issues listed on Our Services page. We can also arrange other outside speakers.
Insurance carriers have emphasized that many malpractice suits could be prevented by law firms establishing effective client intake procedures. LSG helps firms establish or refine policies and procedures surrounding client intake and engagement letter preparation focusing on minimizing risk and ensuring that financial arrangements are within the firm’s guidelines. This is an area that many firms can and should improve.
Strategic planning provides the foundation for how law firms make choices about allocating its resources and guides the day-to-day and long-term decisions of the firm. We provide law firm leaders with the direction and facilitate a process to build a shared vision among the partnership around a cohesive plan.
