Opaque, antiquated business processes combined with legacy technology and significant investments in under-performing practices were causing financial results to stagnate at this leading plaintiffs’ bar law firm.
P&C helped develop and implement an aggressive transformation program to increase revenues, reduce costs, manage risks, and ensure sustainable growth.
A Strong Reputation Is Not Enough When Performance Lags
Our client had a strong reputation for legal excellence and zealous representation of their clients in pursuit of equitable outcomes. Despite professional success, the firm lacked visibility into which business segments created value and was hampered by outdated processes and systems that eroded revenue, increased cost, elevated risk, and distracted attorneys from client service.
At the recommendation of their bankers, they turned to P&C to help pivot the firm, accelerate its performance, and thereby ensure its legacy of outstanding legal advocacy.
P&C Calls for a Rigorous Transformation Program to Address Multiple Issues
P&C designed and implemented a comprehensive transformation program with these goals in mind:
P&C Recommends and Implements Key Programs for Each Improvement Lever
P&C drove each of these workstreams on an agile basis, using mechanisms such as daily stand-up calls and remote collaboration tools to coordinate work and ensure progress across multiple organizations and functions. To ensure sustainable impact and continuous improvement, we upgraded the capabilities of the client’s leadership team by developing the skills non-attorneys who had potential but lacked requisite training, and identifying and replacing other staff members where required.
Transformation Program Results in $25M Annual Profit Increase
Taken together, these programs yielded an enormous benefit to the firm, generating $25 million in annual profitability improvements. The impacts were balanced, with roughly three-quarters stemming from revenue increases and the remainder from cost savings.
The improvements ensured that the transformation remained cash flow positive across our entire 18-month engagement. From the standpoint of our client’s leadership team, these benefits represent a near doubling of typical annual profits per equity partner.
*We take our clients’ confidentiality seriously. While we’ve changed their names, the results are real.