Law Firms as Business - Pricing, Profits and Partnership Structure - a podcast by Frances Ridout, Kerry Jarred, Simon Reichwald, Nigel Spencer
from 2020-11-25T16:32:57
In this episode of ReImagineLaw we speak with two experts who have developed careers in the financial side of law firms: Gillian Cobb (Finance Director (Europe) at Kirkland & Ellis) and Chris Ward (Law Firm finance expert and trainer/consultant on law firm finance). Gillian and Chris explain to listeners the ‘nuts and bolts’ of how law firms make money. How can firms create a profitable business? What are their biggest costs?
The episodes addresses a few key questions. Does the work of the team managing finance in a law firm connect with those managing clients? What are the pressures and challenges within this? Most legal service businesses are ‘partnerships’ rather than a ‘PLC’ – but why is this, and what does it mean for financial management, career paths, and the culture of a firm? Gillian and Chris look ahead at the impact of technology when managing law firm finance and which tools are used to improve client services like e-billing and ‘extranet’ sites.
We always encourage listeners to undertake practical actions after listening to the episode.
- Pick a well-known business (in any sector) and then talk to a fellow student or someone in your network. Discuss together how you think it makes money. What generates the most revenue for the business, and what are its largest costs?
- Search online for 3 different types of finance jobs in law firms. Consider the skills they look for, and whether these match some of your own strengths?
Useful resources:
- The law firm as a business:
https://www.lawcareers.net/Explore/Oracle/31032020-The-law-firm-as-a-business
- How do law firms make money?
https://graduate.pinsentmasons.com/law-as-a-business-how-do-law-firms-make-money/
https://scholar.harvard.edu/files/nlanter/files/driving_profitability_forward_whitepaper.pdf
- How law firms can benefit from e-billing:
https://www.busylamp.com/how-law-firms-benefit-from-legal-e-billing/
Further episodes of Reimagine Law
Further podcasts by Frances Ridout, Kerry Jarred, Simon Reichwald, Nigel Spencer
Website of Frances Ridout, Kerry Jarred, Simon Reichwald, Nigel Spencer