John Alber’s new article at LLRX.com is almost certainly a harbinger of what every law firm will be implementing in the next few years. Of course, for most firms, “few years” may be more like “few decades”. But it’s at least heartening to know that Bryan Cave (and possibly a few others) are there already.
Anyone thinking about hiring a law firm these days ought to be intrigued by John’s comments:
These bits of information – profit contribution, hours leverage and average rate – are among the half dozen “actionable” metrics that my firm carefully chose to align with its business strategy. Choosing this set of metrics required many long sessions with the firm’s chairman and executive committee, and with our marketing, business development and practice management professionals, as well as others. In all these meetings, we needed to think about our business not just from a practice standpoint, but from a financial standpoint as well.
As part of our strategic planning process, we chose our destination – where we wanted to land. Our BPM metrics now serve as rudders to help our lawyers guide us to that destination. BPM gives lawyers genuine control over where the firm goes.
I was similarly impressed with John’s thoughts on law firms, KM and technology initiatives last year.