5th Annual Conference: Managing Law Firm Profitability, Pricing and Predictability
Program Organizer: Sandpiper Partners LLC
Featuring Major, Lindsey & Africa's Amanda K. Brady and Jeffrey A. Lowe as panelists
By Invitation Only
Wednesday, September 14, 2016
8:00 a.m. – 11:00 a.m.
New York City
HSBC Conference Center
452 Fifth Avenue (at 40th Street)
Profitability, Pricing & Predictability
Current Issues & Solutions
No topics have generated more interest among the nation’s largest law firms in the last year than the subjects on the 2016 Briefing. The “conversation” between firms and clients moves forward at this year’s meeting with many new action plans, innovations and solutions.
Indeed, doing the unthinkable from just a few years ago is happening. For example, firms, even old line ones, are entering into agreements where risk is shared in a meaningful way and fee certainly is assured. Today this idea incorporating the latest technologies based on data analytics is being applied to many types of transactions and disputes.
In turn, meaningful incentives are offered firms for positive outcomes, meeting designated targets, and saving a client’s money through smarter use of lawyer expertise, employing new and improved technology and applying custom data developed from internal and third party data to figure out costs and non-financial factors that will affect the fee agreement.
The Price Is Right, But Is That Enough?
There’s a lot more to negotiating a fee agreement than going through a list of numbers. Corporate goals and objectives are paramount. For example, the value of a matter to a client, diversity, priority vs. other legal costs, corporate culture and style may enter the picture. For the firm there also are considerations from project management to how to employ their lawyer resources effectively to the importance of the client.
So What Are The Latest Issues?
Sandpiper Partners has researched extensively with clients, law firm specialists in pricing and profitability, firm leaders and leading consultants and advisors about what are the most important subjects now. Sandpiper has developed the 2016 conference to reflect the most topical issues currently and which need to be addressed by year-end.
Our Agenda Includes:
1. Procedure Pricing and Standards: What are we learning about best practices to apply to various tasks such as cost of a deposition, a transaction or an assessment of a matter?
2. Absolute Price and Project Management. What is a client willing to pay? How do you track all the moving pieces in an assignment? The partners need real time visibility and transparency into the data as work is being performed. The role of project management and how is it changing.
3. Cultural Aspects: What are the best approaches to get your lawyers to understand, use and work with the data?
4. What Clients Want: Monitoring and Predictability; Using RFPs and Tenders to Cut Panel Size; Cost Savings -- What are the heads of legal operations and corporate counsel saying they need from law firms, and are you and the law departments responsive to each other and speaking the same language?
5. Impact of Higher Associate Salaries on Staffing: What skill sets do you really need from associates who are now being paid more? Recalculating the resources to get the job done. Role of the non-lawyer professionals on the law firm team.
6. Cash Flow Impacts: The growth in non-hourly or only partially hourly fee deals is now an important concern. Hold-backs, payments over multi-years of a fee arrangement, shared risk deals, incentive deals -- all come with cash flow issues. What are the latest trends in time of payment schedules? Realization rates have plummeted in recent years. How do you monitor and stay on target to collect the full amount for an assignment?
7. Data Management: Using data analytics to support pricing decisions. A wealth of data is now available, but it may not win the assignment unless it is extracted to reveal the most helpful pieces in a way easily understandable to the partners and client.
8. Outside Counsel Guidelines: As they grow more comprehensive, how to ensure you are adhering to their requirements without spending more than your available resources?
If you wish to attend please contact Piper Adams DeLaura at (973)278-8800 for more information.