Many economists tell us the effects of the recession are behind us and the economy is moving forward, but there are a fair share who believe another recession is around the corner.  However, past or future, the impact of a recession won the legal profession will change how law firms conduct business.  With commodity practices growing and demand fluctuating, there is greater need for law firms to examine their current business models and adapt and regroup in response to the ongoing “new normal”; a paradigm shift that involves better matter management, expense control and revenue building.  Law firms that focus on process improvement and project management, revenue building both through hourly and alternative fee arrangements, reduce costs, promote efficiency, create value for clients and enhance profitability, will differentiate themselves from their competition in the business development arena.

Learning Objectives:

  • Discover what to expect in the legal profession in 2020

  • Determine how law firms should respond to the momentum of the “new normal”

  • Analyze the Pros and Cons of Hourly v. non-hourly billing alternatives (AFAs) –

  • Apply profitability under the new normal – metrics mixed with process improvement and project management

  • Differentiate the considerations and drivers for profitability

  • Apply baby steps for implementing AFAs in law firms

Other Info:

60 Minutes

Audience Level: Intermediate

CLM® Application Credit for Functional Specialists: 1 hour in the subject area of Financial Management (FM) towards the additional hours required of some Functional Specialists to fulfill the CLM application.

CLM® Recertification Credit: 1 hour in the subject area of Financial Management (FM)

Speaker:

Frederick J. Esposito, Jr., MBA, CLM, is a senior member of the faculty and a consultant for the Legal Lean Sigma Institute LLC. In May 2018, Fred earned a Yellow Belt Certification in Legal Lean Sigma® and Project Management and is working toward his Green Belt Certification.  Fred specializes in financial and organizational management and has managed and worked in a consulting capacity with several law firms, both international and domestic. Fred brings considerable “real world” experience to his role with the LLSI.  He currently serves as Chief Operating Officer of the regional law firm Rivkin Radler LLP and has been a Certified Legal Manager (CLM)SM since 2006. He is a frequently sought out speaker and author of articles on a wide-range of topics, including alternative fee arrangements and law firm profitability models. In December 2016, he became a Faculty Advisor for the Nassau County Bar Academy of Law, in June 2013, he was inducted into the National Speakers Association and in 2012 was named Long Island Business News' CFO of the Year.

Seminar Information
Date Presented:
October 17, 2019 3:00 PM Eastern
Length:
1 hour
ALA Member Price:
$109.00
Non-Member Price:
$129.00
Law Firm Profitability: More About Navigating the New Normal
Individual topic purchase: Selected
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