Rather than proceeding with business as usual with a different price tag and hoping for a positive outcome, many of today’s most successful law firms are to undertake an examination of how their business model is built for the “new normal”. By designing a practice tailored to fit today’s marketplace, law firms can position themselves to better create and protect future profitability. Such an approach involves focusing on but is not limited to four key dimensions:
Client Selection, Pricing and Profit Model, Scope of Activities, and Winning and Keeping the Business. This framework can help attorneys capitalize on business development opportunities and drive long-term business growth.