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15 January 2016 / Mark Collins
Issue: 7682 / Categories: Features , Profession
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Profit from knowledge (Pt 2)

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Mark Collins returns with advice on how to use knowledge management to produce profit

In a world where clients are demanding “more for less”, law firms must learn to: analyse how much it costs to produce each piece of work; produce and deliver the work in the most cost effective way; and know what their client values in this type of work.

My finance director tells me it is all very simple: income minus expense equals profit. “Record more time, bill more fees, collect more money—keep the costs down, and we are laughing.” When I worked in-house, our general counsel was always under pressure to either employ less headcount or reduce external legal spend—or both. So the client wants more for less, but the law firm wants ever increasing profits. How can we square this circle? How can we compete for quality work whilst still being profitable? And what part does knowledge management (KM) play in this challenge?

Know how much it costs to deliver

Whatever your practice area, it is crucial to

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MOVERS & SHAKERS

mfg Solicitors—Hayley Pearce & Lauren Williams

mfg Solicitors—Hayley Pearce & Lauren Williams

Law firm mfg Solicitors announces promotions at Ludlow office

Womble Bond Dickinson—Richard Sharpe

Womble Bond Dickinson—Richard Sharpe

Womble Bond Dickinson appoints partner in Leeds residential team

Brabners—six promotions

Brabners—six promotions

Brabners adds six to partnership in record year for partner promotions

NEWS
The legal profession's AI challenge extends far beyond fabricated case citations, according to a warning about the next phase of technological risk
Law firms should use the transition period before the Financial Conduct Authority (FCA) assumes anti-money laundering (AML) supervision to strengthen governance and compliance, experts have warned
Cross-border disputes increasingly demand creative approaches to gathering evidence, with litigators needing to look beyond traditional letters of request
A Court of Appeal ruling has clarified the distinction between contracts of 'indefinite' and 'perpetual' duration, with potentially significant implications for commercial drafting
The Court of Appeal was entitled to uphold the government's decision to proscribe Palestine Action as a terrorist organisation, according to an analysis of the ruling
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