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Research. Reveal. Reiterate

Two hard questions about law firms’ fee strategies

April 23rd, 2014 |

Recent Beaton research provides cogent reasons for their boards to ask two hard questions about law firms' fee strategies.   Question 1: Are we doing the right things to mitigate the impact on our profits of clients' perceptions of steadily falling fee levels?   Question 2: Are we sure our overall value proposition is right for our clients? (more…)

Posted in Beaton Benchmarks, Beaton news, Hightlight, Law, Legal, Showcase, Strategy | No Comments »

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The art of benchmarking: Three basic steps in selecting the right benchmarks

April 15th, 2014 |

 Benchmarks

Competition in the professional services markets is growing exponentially. Firms are increasingly competing within their own industries and beyond their borders with others. Conditions are hyper-competitive causing firms to become overly cautious, reduce prices, retrench staff, defer investments in people development and technology, and postpone M&A opportunities. These decisions have direct adverse impacts on firms' brands and performance in serving clients. And in many ways the appropriateness of such decisions considerably depends on selecting the right benchmarks. Here is why.

(more…)

Posted in Beaton Benchmarks, Professional Services, Strategy | No Comments »

NewLaw down under

April 11th, 2014 |

"I come from a land down under

Where beer does flow and men chunder

Can't you hear, can't you hear the thunder?

You better run, you better take cover."

 

Men at Work, Down Under, 1981

(more…)

Posted in Professional Services | No Comments »

Be prepared for the possibility that Chicken Little was right

April 4th, 2014 |

“If not, be prepared for the possibility that Chicken Little was right” is Pam Woldow’s punch line in her post dated April 3, 2014 (1).

You’re spot-on Pam, I thought as I read her reflections on five observations about the trending strategies and cultures of firms with a BigLaw business model. The trends to which Pam refers are mainly internal, but there’s an external environment aspect to this story too.

This post adds a sixth, massively important external trend not previously reported in the public arena. The trend is based on hard evidence sourced from the most important stakeholder in BigLaw firms – their clients. The probability that Chicken Little is right just got a whole lot larger. (more…)

Posted in Beaton Benchmarks, Beaton news, Hightlight, Law, Legal, Professional Services, Showcase, Strategy | No Comments »

More evidence why cost consciousness is valued by clients

March 31st, 2014 |

We recently received a most welcome testimonial for Beaton's pioneering research into cost conscious, but it's not only law firms that will benefit from being more cost conscious.

In a March 24, 2014 interview with Australasian Lawyer, Herbert Smith Freehills’ Australian managing partner Jason Ricketts is quoted as saying “We just haven’t stopped on cost consciousness, and our rating has improve again this year”.

Here's yet more evidence why cost consciousness is valued by clients and profitable for law and all other professional services firms. (more…)

Posted in Accounting, Beaton Benchmarks, Hightlight, Law, Professional Services, Showcase | 2 Comments »

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