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How does your firm plan for profitability?

There have been many news articles recently surrounding the performance of law firms in light of the economic downturn.  We are seeing an increase in firms closing and merging, and of the SRA intervening in struggling firms.

Recently published research has highlighted an increase in matters being carried out on a fixed fee basis and Des Hudson recently said at the Law Society Management Section Annual Conference, “I don’t think there is any salvation in going down-market, nor do I think a price-led strategy is a sustainable solution for our members.”  Which prompted us to ask our clients; ‘How do you ensure you are profitable?’

Despite the increasing trend towards fixed fee work, it seems firms are able easily to provide hourly rates for their fee earners but struggle when it comes to knowing how much a job actually costs them to deliver – and if this is the case, how can you accurately set your fees to ensure you make a profit?

Business Intelligence, from Redbrick Solutions [1], is able to provide some very powerful information to ensure firms monitor and develop strategies to ensure sustainable profitability.  Reports include:

All of these reports can be set up to run automatically and be emailed to you at an interval of your choosing, not only making sure that you have powerful, accurate business information at your finger tips but also removing the hassle of generating that information, freeing you up to set sensible strategies for sustainable growth.

If you would be interested in seeing a 15 minute online overview of how Business Intelligence can assist you in running your business more profitably, please contact us on 0845 166 2629 or email jhodges@redbricksolutions.co.uk [2]