Keith Lipman to Speak on Pricing Profitable Legal Services at ALA Legal Management Conferences in October
Prosperoware, a leading enterprise software company delivering innovative technology that connects the business with the practice of legal and professional services, today announces that company president, Keith Lipman, has been selected by the Association of Legal Administrators (ALA) as a featured speaker for the organization’s Legal Management conference series on: “How to Price for Profitable Legal Services and Build Client Relationships.” Phoenix on October 7 at 1:30pm; Indianapolis October 28 at 1:30 pm. Registration for the regional events is now open here.
The industry has changed. Law firm growth is essentially flat, work is rapidly moving away from firms and going in-house, and realization—both standard and agreed–have declined substantially. Overall, discounts account for up to 40% of firms’ fees and write downs are nearing 12% which, for an average mid-tier firm with revenues of $100 million, equates to an approximate $13 million loss in revenue.
The new law firm business model is maturing, therefore, to substantively combine front office time keepers with their administrative counterparts–or “middle” office” professionals, such as Pricing, LPM, KM and information services–to interact and support clients’ pricing and business needs, bridging the heretofore divide between legal services and the business of law.
This model means firms must understand the costs of delivery for legal services in order to allocate resources efficiently, monitor the financial health of their matters in real time to avoid write downs, and deliver the quality matter expected by the client at the expected price–the new bedrock of building enduring client relationships.
Prosperoware Umbria is the industry’s most innovative, data-first platform. Umbria takes a holistic approach to transforming law firm operations through the use of integrated information and analytics, and provides actionable business intelligence with integrated, process-driven workflow to enable professionals to understand their true cost of service delivery by uniting the intelligence previously siloed in front and middle office.
In these educational sessions, Keith Lipman will discuss the transformation of the business of law, the rise of the middle office, siloed legacy technologies and the implications and opportunities afforded firms leveraging a core platform such as Umbria to integrate the intelligence of front and middle office professionals, understand the full economics of legal engagements and build a sustainably profitable business model that delivers the expected quality matter at the expected price.
Keith Lipman comments, “We are pleased to have been selected by the Association of Legal Administrators to speak on this fundamental topic for their Legal Management regional conferences. Where legacy technologies are siloed, this rising co-support between front and middle office professionals creates the need and opportunity for a common data platform with integrated and coordinated workflow and processes. Firms leveraging a common data platform such as Umbria are positioned to gain millions in ROI, provide superior client service and a sustainable profit model. We are looking forward to a great series of events.”