We know the Legal Industry. Learn how we can help companies like yours.
The legal industry is expected to grow by 4 percent in 2013, according to the most recent forecast from First Research, with growth expected in labor and employment, real estate and litigation. Pressure on rates is likely to continue, with corporate clients anxious to lower or defer expenses. In South Florida and elsewhere, strategic acquisitions seem likely to continue, with firms beefing up practice areas with an eye toward profitability, and dealing with the conflicts that arise. Women attorneys continue to lag behind their male colleagues in salary and opportunity, with recent studies showing the income gap is growing.
Are you a professional or an entrepreneur? Many attorneys find themselves needing skills they didn’t learn in law school. With increased competition, successful law firms must operate efficiently and innovatively. Entrepreneurial disciplines like succession planning, cost reduction, human resources strategies and even merger or acquisition planning are essential to long-term success. Even marketing, long a matter of personal networks and referrals, has a new competitive reality, new media, and a new discipline, the Chief Marketing Officer, joining some firms.
Kaufman Rossin's professionals can help. For decades, we've provided much more than accounting services to our law firm clients, though accounting is one area where many firms need consulting and training to improve efficiency and safeguard assets. We've assisted with systems implementation, marketing planning and training, succession planning and much more.
Does your partner compensation agreement actually do what you mean to?
Partnerships may last for decades, or they may be short-term
arrangements. Either way, the agreements that law firms create for
their partnerships are financial instruments, designed to create
specific financial outcomes. Yet many times the financial calculations
don't deliver what is expected.
We've reviewed partnership agreements for decades, and we highly recommend that you let us review yours. We have found agreements which create unintended consequences and others where the agreement doesn't achieve the objectives of one or more partners. Consultation on these matters (and sometimes counseling) is an expertise of the Kaufman, Rossin legal services team.
Do you hold your partners and staff accountable? Do you track and act on accurate data about firm performance?
Kaufman, Rossin’s consultants help firms identify the right key performance indicators to watch, analyze the data on firm performance, compare to benchmarks and take appropriate action. Sometimes the data we uncover is surprising; other times the independent reporting of trends already apparent helps make tough management decisions easier.