4 ways to improve profitability

Description

Abstract: Although economic conditions are beyond any law firm’s control, plenty of factors that drive or impede profitability aren’t. This article focuses on four ways to boost profitability: manage billing, receivables and payables better; cross-sell services; increase specialization; and reduce the number of clients to focus on the most profitable ones. A sidebar discusses creative ideas for cutting costs, such as adopting alternative staffing arrangements.