Fall 2016 issue of Horizons

high quality services. It generally works by capturing and reusing lawyers’ collective knowledge and data for existing and future clients. In addition to implementation of knowledge management systems, firms are also improving efficiency by spending more time with clients up-front in order to fully understand project objectives, scope and deliverables, milestones and phases, team resources and overall expected time to completion, project budgeting and management of work-in-process The Altman Weil 2016 Firms in Transition Survey further stated that 61.0% of firms have initiated conversations with clients in regards to efficiency while 88.0% of firms have initiated conversations related to pricing and project budgeting. Based on the trends that are apparent in the legal services profession, few would disagree that fundamental changes have taken place that will have an impact on how law firms conduct business in the near-term.

However, firm leaders also appear to agree that, while there are challenges their firms are facing, only half of the firms are being proactive by making strategic changes. When the Altman Weil 2016 Firms in Transition Survey asked law firm leaders about this disconnect, 56.0% of firm leaders stated firms weren’t changing because they haven’t felt enough economic pain to motivate such changes. However, in order to achieve levels of profitability that were experienced before the recession of 2008 and to keep up with prevalent client demands, it would appear necessary that more firms should be making strategic changes such as: new pricing strategies, more efficient delivery methods and making hard decisions with regard to under-performing attorneys. Similar to Blockbuster Video, the business model that brought law firms a great deal of success in the past appears to be consistently and incrementally unattractive to current consumers of legal services.

RubinBrown’s Law Firms Services Group RubinBrown has a dedicated business unit to serve the unique needs of law firms staffed with professionals experienced in working with service focused organizations.

Matt Finke, CPA, CGMA — St. Louis Partner-In-Charge Law Firms Services Group 314.290.3365 matt.finke@rubinbrown.com

Don Esstman, CPA — Denver Partner Law Firms Services Group 303.952.1284 don.esstman@rubinbrown.com

Kristin Bettorf, CPA — St. Louis Partner & Vice Chair Law Firms Services Group 314.290.3416 kristin.bettorf@rubinbrown.com

Mary Ramm, CPA — Kansas City Partner Law Firms Services Group 913.499.4406 mary.ramm@rubinbrown.com

www.RubinBrown.com | page 35

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