Legal
Ed Rymsha
Executive Director
Coblentz, Patch, Duffy & Bass LLP
How has the economy altered the way your firm conducts business? Our
law firm clients throughout North America tell us their clients are
price-matching legal services and challenging pass-through costs. In
response, law firms are seeking innovative means to reduce expenses and
turning to Profit Recovery Partners (PRP) to reveal precise new ways of
growing profit in this economy. We help firms facing trends such as:
| Industry Challenge |
PRP Solution |
| Despite sluggish demand, firms raised their rates, at least modestly, in 2011. However, the collection of billed rates continues to decline. With realization at approximately 85 percent, collections remain at historic lows, and law firms are searching for solutions.
| PRP's clients are gaining dramatically more visibility into their operations through PRP's ongoing forensic analysis. Visibility into even the smallest areas of business empowers firms to take decisive action on clients' bills and pass-through costs that help them develop greater realization.
|
| A decline in demand and productivity continues to affect the entire market, with AmLaw 100 firms hit the hardest, as reported by the ABA Journal. |
A partnership with PRP will free additional financial resources
|
| Overall, law firm expenses dropped from 2008 to mid-2010 by as much as 25 percent in some law firms. However, these same expenses began increasing in late 2010 and will continue to grow in 2011. It appears that law firm direct and indirect expenses are in positive growth territory for the first time since the economic downturn began. Much of the expense savings experienced in 2009 and 2010 resulted from layoffs, which could not be repeated in 2011. Additionally, the expense cuts were a result of delaying expensive projects and not by cancelling them. |
We tailor our solution so your firm will be guaranteed sustained savings throughout PRP's engagement. Our monitoring assistance will validate all hard dollar savings is actual and those savings will never dissipate while PRP is involved. |
| Law firm consolidation creates duplicative processes.
As law firms expand through acquisition or organic growth, many see
duplicative processes, buying patterns and vendor relationships. |
Because of our industry expertise and purchasing leverage,
we can work with law firms to make office products orders consistent by
analyzing the cost per attorney and comparing against benchmarks to
realize "best in class" pricing. |
In true partnership, PRP works with our law firm clients to provide
services and expertise where it's needed. As vendor-neutral,
third-party consultants, PRP focuses solely on providing our clients
with unbiased, cost-effective solutions. This customized approach
guarantees that PRP will provide effective, long-lasting cost savings
designed for your firm's specific needs. Our services can help you with
benchmarking, contract negotiations, identifying resource alternatives,
resource consolidation, spend visibility, detailed usage reviews and
long-term expense management. PRP specializes in providing cost savings
for law firms in the areas of facilities management/support services,
document management, information technology, law libraries, expense
recovery, legal billings, litigation support and a variety of other
expenses.
What else can PRP do for you?
- Apply legal industry expertise — PRP's unique approach to expense management combines superior knowledge of the legal industry vendor cost structures.
- Strengthen purchasing leverage — PRP helps
law firms by using our $2 billion in purchasing leverage. Competitive
pricing. Highest possible service levels. Favorable contract terms.
That's how law firms thrive in the new economy.
- Offer ongoing support and verification — Our
exclusive Solutions Management Team manages savings results, vendor
compliance and internal compliance to ensure maximum savings are
realized and future costs do not increase. Visibility is gained through
custom dashboards and line-item reporting.
To learn how PRP has aided Am Law 200 and other law firms, contact us today.
CLIENT TESTIMONIAL
"I highly recommend this organization to any firm that is interested in profit growth. Without exception, every PRP associate I work with vigilantly executes the same mission: getting my firm the best result, in the least invasive way."
Kevin M. Posterro
Director of Finance
Choate Hall & Stewart, LLP