New suite of funding services to drive renewed focus on legal sector profitability from costs and pricing specialists Burcher Jennings

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2 August 2016

Burcher Jennings200Established legal costs and pricing specialist Burcher Jennings is to use an innovative new range of growth and related funding services to drive a renewed focus on boosting law firm profitability.

The extended offering is supported by a rapid national expansion programme with new talent and further regional offices added to the firm’s existing resources. It comes at a time when many law firms, often led by exceptional lawyers, are struggling to succeed in the face of unprecedented pressures on funding in the justice system.

The fresh raft of options for financial support create new opportunities for law firms, enabling better access to funding for growth and litigation funding services. Via Burcher Jennings, firms can now bypass often-uncompetitive funding providers to maximise profitability alongside growth.

Funding services are a natural addition to the market-leading costs and pricing offering that has driven the growth and reputation of Burcher Jennings over course of the last 25 years. Combining these three critical elements in one place creates opportunities for firms to boost profitability and thrive in cost and price sensitive times.

Low cost, bespoke funding options designed specifically with the legal sector in mind are combined with cost and price intelligence that is already renowned as the best in the industry. The firm says the result is a new kind of consultancy, delivering a truly competitive edge.

Martyn Jennings, chief executive of Burcher Jennings, says: “Exceptional lawyers don’t always make excellent business leaders. Many top-class lawyers we come across are struggling to make a success of their businesses.

“In today’s highly competitive and ever-changing legal market, with extreme pressure from government to cut the cost of the legal system, the first casualty is all too often law firm profitability.

“But, if you are consistently mispricing your services or paying over the odds for growth funding, then a little time focusing on the health of the business could restore profitability and improve the service you offer to clients”.

Research from the Legal Services Board earlier this year found 71% of law firms had either held or cut prices to consumers over the last year.

Martyn Jennings adds: “In this tight operating environment, a professional approach to costs recovery, pricing confidence and competitive funding can make the difference between a firm that struggles to survive, and one that has the capacity to grow and thrive.

“Our growing nationwide network of offices and unrivalled team of talented costs, pricing and funding specialists gives us the capacity to help many more talented lawyers ensure their business performance does justice to their talents”.

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We all know that nothing in life is certain. As the actor, director and philosopher Clint Eastwood once said: “If you want a guarantee, buy a toaster.” He also said he’d tried being reasonable and didn’t like it. They should teach this kind of philosophy in law school. One thing in life is reasonably certain though. If you’re a law firm worth your salt, at some point you will be approached by another entity (most probably a work introducer) with a whizzy idea to ‘partner’ with you to ‘help you accelerate your growth’. In commercial speak this means, ‘we’d like to keep feeding you work but we’d also like to share in your profits’. The arrangement may be pitched to you as a joint venture – a win-win no less.

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