Page 46 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
Consultants Provide Fresh and Objective Eyes to Partnership Agreements and Compensation Plans
As we mentioned before, strategic planning generally begins by reviewing the partnership agreement and compensation plan. A consultant brings a fresh set of eyes to these. Also, they have reviewed their share of these and can bring insight about what works and what does not. There are a number of recognized models for firm compensation and good consultants will know them and will know what might work for your firm and what will not.
Consultants Provide Fresh and Objective Analysis of a Firm’s Financials
Reviewing the firm’s financials is critical to evaluate the firm’s future and what needs to change
to ensure its viability and profitability. Consultants can provide a fresh and objective analysis as to a firm’s financials, and their past work will provide insight about comparables. Consultants
can help you learn things about your firm that you did not know. They can assist you in budgeting. They can recommend reports that a firm should be generating and studying each month. (If anything, a good consultant can help a firm evaluate the “cost” of each lawyer so that the firm can accurately hold the cost of the lawyer up next to the lawyer’s receipts.)
SECTION 07 YOUR STRATEGIC PLANNING TEAM
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