10 ways to increase profit without increasing chargeout rates, billable targets or getting new clients.
10% More Profit: 10 Practice Management Basics to Increase Net Profit
Tuesday, 12 March 2019
Host Venue Details
Macquarie Bank, Ground Floor Conference Room, 235 St Georges Terrace Perth
If you are unable to attend at the host location you can join local members at 18+ regional hubs across Australia and New Zealand or participate online from your desktop.
Cathryn Urquhart has been facilitating at the College of Law Legal Practice Management Course since August 2016. She has reviewed Business Plans and co-ordinated or delivered the workshops for attendees.
One thing is clear: when Principals focus on increasing profitability, they look at the obvious: getting new clients, increasing chargeout rates and/or billable hours, reducing expenses. Or think that a shiny new piece of technology will deliver a miracle of increased profits. Whilst these things are important, there are many proven strategies that are often overlooked.
Review billing arrangements.
Get on top of email
Get the lawyer to legal support ratio right
Have quality practice management software, know how to use it and have all staff use it
Apply 80/20 rule to clients
Apply 80/20 rule to staff
Track staff retention rates and work on reducing turnover
Improve time management skills.
Even if a 1% profit improvement could be achieved by implementing each one of these 10 things, that equates to a 10% total profit improvement overall. And most of these things don’t take extra time or money. It’s just about working smarter.
Cathryn Urquhart studied Law at UWA and was admitted in WA in 1988. She did her articles at Phillips Fox (now Lavan) and then was the Associate to the former Chief Justice French when he was a justice of the Federal Court. Then followed a time at Parkers (now Freehills), 3 children, a period as Claims Solicitor and Risk Management trainer at Law Mutual WA, a Senior Associate at Allens and at various times Cathryn has lectured/tutored at UWA, Notre Dame, Articles Training Program and College of Law.
Currently, Cathryn is the Facilitator of the Legal Practice Management Course at the College of Law in WA. She also has her own business and works for a range of law firms and other business as a Professional Skills Trainer and Coach.
1 CPD Unit - Practice Management and Business Skills
ALPMA Members:Free! Please login to register
ALPMA Associates:$49.50 inc. GST
Non Members*:$99.00 inc. GST- *Non Members must be eligible to join ALPMA
Non Members*:$20 inc GST- *Non Members must be eligible to join ALPMA
We have negotiated with Frasers Suites to have three breakfast options available for pre-order so you don’t have to waste time ordering and waiting around. For the cost of $20pp inc. GST you get a choice of:
Poached eggs on sourdough with roasted tomato, mushrooms and hash browns
Butter milk pancake with mix berry compote, chantilly cream and maple syrup
This also includes unlimited tea and coffee.
Option1: Poached eggs on sourdough with roasted tomato, mushrooms and hash browns;Option2: Butter milk pancake with mix berry compote, chantilly cream and maple syrup;Option3: Bircher muesli