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The single most important factor in making law firms profitable

The single most important factor in making law firms profitable

by Richard Wyatt | 9 Oct 2022 | Our Insights

In my time advising and helping manage law firms, I have twice been asked the question: “What is the single most important factor in making law firms profitable”? Both times I was asked by a firm’s Managing Partner, so it was clearly important to them and equally...
Making law firms more profitable – Part 4: Real life profit improvements

Making law firms more profitable – Part 4: Real life profit improvements

by Richard Wyatt | 10 Mar 2022 | Advisory, Finance, Making law firms more profitable, Our Insights

This is the last of this mini-series on law firm profitability and how to effect serious improvements in Net Profit. The previous articles illustrated that there was only one sound way to improve law firm profitability, which is to improve fee earner productivity. You...
Making law firms more profitable – Part 3: The Fool’s Errand

Making law firms more profitable – Part 3: The Fool’s Errand

by Richard Wyatt | 3 Mar 2022 | Advisory, Advisory, Finance, Finance, Making law firms more profitable, Our Experience, Our Insights

So far in this mini-series, we have looked at two ways of increasing law firm profits. Firstly, by only increasing fee earner numbers, and Secondly by making fee-earning staff more productive, i.e., they produce more Income, per fee earner, per annum. We concluded...
Making law firms more profitable – Part 2: Increasing Fee Earner Profitability

Making law firms more profitable – Part 2: Increasing Fee Earner Profitability

by Richard Wyatt | 24 Feb 2022 | Advisory, Finance, Making law firms more profitable, Our Insights

This is the second in a little series of short articles, where we are looking at what is the best way to make law firms more profitable. In the previous article, we mentioned that there are three main ways to increase profitability.  They are: Increase fee earner...
Banking Services – The law firm FD’s and their advisors’ opportunities

Banking Services – The law firm FD’s and their advisors’ opportunities

by Richard Wyatt | 6 Nov 2021 | Advisory, Finance, Our Insights

Should we look at making our routine banking operations cheaper and slicker? Here are some opportunities. I was a full-time law firm FD until a couple of years ago. Now I help smaller firms by providing those services to them on a part-time basis. That has given me...
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