USA/Canada News
Prosperoware, a leading enterprise software company delivering innovative technology that connects the business with the practice of legal and professional services, today announces its sponsorship of the Ark Group’s Mechanics of Law Firm Profitability Conference.
Company president, Keith Lipman, will co-lead an educational session, “Defining the Bottom Line and Distinguishing Between Good Revenue and Bad,” with Toby Brown, Chief Practice Officer, Akin Gump Strauss Hauer & Feld LLP at 11:15am (PT). The conference event begins Thursday, March 31, 2016 at the AMA Executive Conference Center in San Francisco.
Traditionally, law firms have maintained a revenue-based business model; as such, partners have had little need to understand the cost of delivery for their services in order to sustainably negotiate fees for services. Traditionally, firms have relied upon providing discounts as a method of delivering value in service delivery; without understanding their true cost of service delivery, firms have viewed all revenue through the same lens: any revenue was considered good revenue. In today’s market for legal services, that’s a recipe for failure and is unsustainable.
Firms are starting to fundamentally evolve their business models away from the traditional, revenue culture to a sustainable profit culture. Profit margins are the new measurement in the industry and present one of the most challenging aspects for firms as they evolve their business models to meet the new market demands. In a profit culture, only matters that actually return a fair profit are considered appropriate. To achieve this, firms must comprehensively understand their costs: resourcing (who is working), how much the firm is leveraged, what the margin is, and what ‘bottom of the bill’ discounts are or will be applied.
Keith Lipman and Toby Brown will discuss this fundamental shift in their joint educational session, “Defining the Bottom Line and Distinguishing Between Good Revenue and Bad.” Keith and Toby will discuss the many market forces pushing on law firms, the how, what, and why of profit margins as the new measurement in the industry, and the tools and approaches available to law firm partners navigating the evolution of their firm’s business model.
The Ark Group’s The Mechanics of Law Firm Profitability conference in San Francisco provides an ideal platform for industry thought leaders and attendees to discuss, debate, network, and share ideas and best practices concerning these industry-wide changes in scope of matter management, ultimately in support of client value, practice efficiency, and, most importantly, law firm profitability.
Prosperoware’s Umbria Budgeting, Pricing, and Business Intelligence matter management platform is a core infrastructure which unites law firm leadership and attorneys with their business development, pricing, finance, and human resources teams—delivering the data-driven decision-making which enables firms to consistently and predictably price the delivery of legal services. The platform has gained impressive adoption in the AmLaw 100 since its release; the Umbria Dashboard app for iOS and Android was released earlier this month, further extending the platform’s mobile capabilities. Read the Legaltech News article here.
Keith Lipman, President of Prosperoware, comments, “Enabling firms to evolve their business models from revenue cultures to profit cultures is one of the most important dialogues we can be having right now; this is one of the core capabilities of our Umbria platform. We are looking forward to a great event in San Francisco and to productive conversations that will help move the business of law forward.”
To learn more about Umbria for Legal Process Management, click here.
Prosperoware is an enterprise software company providing solutions for law firms, corporate legal departments, and professional services firms. Our customers include nearly half of the G20 and Am Law 100 firms as well as large global corporations and Big Four accounting firms. Our innovative software transforms how professionals work and enables firms to deliver more value to clients while protecting profitability. We empower firms to reduce costs, improve profitability, and better compete by:
- Simplifying iManage administration and improving user adoption of electronic files
- Enforcing and automating information governance with a focus on security and risk management
- Improving relationships with clients by delivering predictable fees and beneficial insight into the work performed
- Empowering professionals to leverage modern profitability metrics, which drive truly informed budgeting and pricing decisions
Our teams work primarily from offices in London, Chicago, and Philadelphia. Our more than 255 customers range in size from small firms with just a handful of users to those with more than 14,000. Prosperoware customers include: Akin Gump, Goodwin Procter, Baker Botts, Hill Dickinson, Berwin Leighton Paisner, DLA Piper, Duane Morris, Hughes Hubbard & Reed, Sheppard Mullin, Comcast, and NBCUniversal.
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