When I analyze why revenues are too low in law firms relative to the expenses being incurred (with the consequent problems in profitability and poor liquidity) there are always mixes of these usual problems.

• On average, not enough is being charged for matters that I know bear more in other practices with similar work.
• There are some fee-earners with not enough client file work to do to keep them properly busy. The potential of some part of most of their working days is being completely wasted with a huge impact on profitability.
• Some fee-earners do have access to enough client file work but are not getting it done, usually because they allow the intrusion of significant amounts of valueless time into each working day.
• The structure of the firm is too heavily weighted to owner Principals, so good economies of scale are not being achieved. The unavoidable fixed costs are being carried by too few fee-earners. The impact of this is of course exacerbated if problems exist with issues 1-3.

Many of these stem in one way or another from not having enough appropriate work for the existing fee-earners (and for growing the firm so fee-earner/Principal ratios improve) and ensuring that it gets done and properly charged for.

This practical webinar will address:

• The keys to fixing each of the problems that have the greatest impact on the smooth running of a financially healthy firm.
• How to go about addressing each challenge in practical ways that work for other firms.

The webinar is suitable for anyone interested in becoming more effective in bringing suitable work into the firm so existing and intended additional resources have the opportunity to be as productive as they should be. Closing that gap between potential revenue and actual revenue is key to practicing financial health and is tied very closely to business development effectiveness.

Put simply, you can't produce revenue from matters you don't have no matter how good your lawyers are, and if you have some work that is not really suitable, but the best you think you can get, revenues will also be significantly constrained.

To generate decent profits after Principal salaries revenues have to be produced for most of the day that lawyers should be working on client files. For lots of avoidable reasons that often does not happen and profitability is quite poor.