Lawyers are also revenue managers

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Fee earners need better support as revenue managers to unlock pent up value

  • Globally, law firms lose >$36bn p.a. because fee earners are not properly equipped as revenue managers.
  • Improving revenue outcomes in terms of lock-up is now the #1 priority for most large firms, according to PwC.
Value chain in a £100m revenue practice

Lawyers are not sufficiently equipped

Legacy approach:
  • Significant investment in back-office processes coupled with relatively limited investment in front office (fee earner) revenue management workflows
  • Only basic technology tools (dashboards, e-reminders) made available to the fee earning teams / reliance on back-office PMS systems
  • Implementation of top-down policies that do not always suit circumstances on the ground, resulting in policy enforcement challenges
  • Fee earners under pressure to balance client work and admin
  • Onus to monitor and correctly interpret matter-level MI remains on fee earners
  • Significant increase in overheads offsetting gains from better revenue management

That’s why we built the Smart Lockup Assistant >>