Optimizing Practice Management: Driving Profitability and Market Position

As law firms have grown larger and client problems have become increasingly complex, effective practice management has become the primary vehicle through which firms seek to deliver value to clients and differentiate themselves in a competitive market.Optimizing Practice Management: Driving Profitability and Market Position is intended to help firm leadership work through all the critical aspects of structuring and implementing an effective and optimized practice management system.The book is divided into five main sections, covering: The business case for practice management;Building the essential foundation;Developing the structure;Keys to successful implementation; andThe role of the practice leader. This book will help law firm leaders to: Gain clarity on how to improve their market position and enhance the value perception of their services;Establish the optimal practice management structure to facilitate achievement of the firm's strategy and market position;Focus on particular practice specialties and subspecialties, and on clients or industries, where the firm can establish a sustainable competitive advantage;Define clearly the role of business unit leaders and members; andAlign incentives to encourage the level of collaboration that clients are demanding. Detailed appendices contain the results of original research on practice management in the largest US law firms, and sample job descriptions for practice group leaders/members, based on the authors' experiences working with over half of the Am Law 200 law firms.