The following Practice Management guidance note Produced in partnership with Robert Mowbray of Taylor Mowbray LLP provides comprehensive and up to date legal information covering:
This Practice Note explains why it is so important to improve the efficiency with which work is done and how this can be achieved without diluting quality.
Between 1992 and 2008 the UK economy recorded 64 quarters of economic growth. During this period, most law firms could achieve higher profits each year by increasing their prices before it was even necessary to look for additional work. Most firms saw a growth in the rates they could charge and in the volumes of work; as a result, profits grew strongly.
Since then, the credit crunch and recession have made it far harder for firms, as fee income levels have fallen due to a combination of:
lower volumes of work, and
considerable pricing pressure being exerted by clients who have begun to feel confident in challenging the fees that lawyers have charged
Not surprisingly, if prices have fallen and there is little sign of them increasing again, it is becoming increasingly important to think about the way in which services are being delivered and look for efficiencies to drive lower costs and higher profit margins.
Remember: if you reduce quality in an attempt to reduce costs, you have not really achieved anything; the challenge is to reduce costs without diluting the quality of your service.
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