Law Firm Profitability - Law Firm Profit - Small Law Firm - Small Legal Practice -- http://www.ritchiebusinesssolutions.com.au - Is law firm profitability an issue at your practice? Many small law firms around the world are not making the sort of profits that adequately reward the principals for the time, effort, skills and stress involved in the work, let alone the capital that has been invested. This video will give you some ideas of a critical KPI that you can measure to help with your law firm profitability. Ritchie Business Solutions 02 6722 3115 http://youtu.be/k9ACSDUx9gc

1. Law Firm Profit Improvement
BY COLIN RITCHIE
Helping Small Law Firms Achieve More
Law Firm Profit Improvement

2. Would you like to lift the profitability of your law firm?
Law Firm Profit Improvement

3. It’s simple to lift profits
The choice is yours!!
Law Firm Profit Improvement

4. The first principle of profit improvement
Your Firm’s Average Hourly Rate
What is it?
Billings/Time Spent
Example:
Client Bill = $3,000
Time Spent 10 hours
Law Firm Profit Improvement
Average Hourly Rate
= $300

5. The first principle of profit improvement
Average Hourly Rate
$
335
330
325
320
315
310
305
300
295
290
285
Average Hourly Rate
Before
Law Firm Profit Improvement
After

6. Want to lift profit by $100,000 per partner?
What would you need to do?
Law Firm Profit Improvement

7. Want to lift profit by $100,000 per partner?
Example:
2 Partner practice
4 Employed fee earners
Answer:
Lift AHR by $29 per hour
Law Firm Profit Improvement

8. Want to start earning what you deserve?
Contact us :
colin@ritchiebusinesssolutions.com.au
Phone (02) 67223115
Law Firm Profit Improvement