Practice Sectors: Legal

Credentials

LUCID Staff are experienced professionals who have worked in Law Firms. Their experience ranges from Senior Finance & IT roles to Head of support and training.

Our View of the Sector

The legal sector has spent the last few years moving toward a more corporate structure. A shift from the Practice of Law to the Business of Law has been going on for the last five years or so. Significant changes have taken place with Corporate governance and we have seen a lot of people enter legal firms from other sectors.

The shift is very evident when we look at how law firms now measure their performance with Key performance Indicators (KPI’s), balanced score cards and traffic lights reporting more common place than ever.

Costs or to be more specific the control of costs was not so quick to move in line with the Corporates’. We have seen through the recession a sprint to address this with costs being analysed as never before and any spend having to be justified as necessary and beneficial.

Firms are having to become leaner and meaner with management committees’ now spending more time on the financials and cash-flow forecasts. The move of firms to becoming smarter organisations is under way with common sense breaking down previous resistance to change.

The end result will be smarter legal firms operating efficiently and much better able to cope with changes in the market place in future

Challenges’ facing law firms today

Getting new clients and keeping them.

Collecting cash from clients who have already had discounts beyond belief.
Improve your Budgeting and Forecasting to deal with the real time response required in the current market place.
Maintaining profit margins as Fee levels drop quicker than you can cut costs.
Getting your systems to work together without having to spend a fortune
Getting around the inadequacies’ of your Practice Management System (PMS) without having to change PMS.

How can LUCID help?

Improve Reporting
Data Extraction & Enhancement
Report Writing
Improve Budgeting and Forecasting
Maximise Cash-flow
Increase Profitability
Better Business Development information
Business Process & Work Practice Re-engineering
Project Management
On-Demand Solutions

What next?