The latest issue of the Internet Newsletter from Infolaw is now published.
Define, agree and act on opportunities to improve performance and produce more profit from your residential conveyancing services … and your wider private client practice.
Inpractice UK have partnered with TheConveyancingMap to deliver a tailored service to help conveyancers quickly and reliably set out a sound plan to develop their residential conveyancing business; also engaging the conveyancing team in the initiative to make sure that plans are put into practice. This service is delivered by Allan Carton at Inpractice UK and Richard Hinton of theConveyancingMap – each with more than 20 years’ experience of developing conveyancing services in the legal sector.
Who is this for?
Any practice that provides conveyancing services will benefit from an objective review of the market in which they operate. Conveyancers may also be interested in our specialist workshop on dealing with conveyancing quotes / enquiries and maximising referral opportunities.
WHAT YOU GET:
A: Market Intelligence
TheConveyancingMap intelligence on transactions completed in your local area, including a clear picture of who is doing what, This includes mapped distribution, volume and value of conveyancing transactions handled in your catchment area by:
B: Expert Interpretation in Context
A preliminary report providing expert interpretation of this information in the context of your business, identifying key opportunities and potential challenges.
C: Brainstorm with Our Experts – Explore Options, Agree Strategy & Plan
Up to a day of consultancy, working with your team on your premises to develop an agreed strategy and action plan to develop your conveyancing practice, most effectively to meet your objectives for your practice. During this session, Allan Carton of Inpractice UK and Richard Hinton of ConveyancingMap will work with you to:
D: Defined Plan of Action
We then deliver a concise report recording the conclusions, strategy and plan of action agreed during the workshop session and any other recommendations. This is to be shared and actively reviewed to engage the whole conveyancing team and to track progress; and to be adapted over time.
Optional Extra: We can “mystery shop” your practice and your competitors to add more intelligence to identify more opportunities to differentiate your practice, to make you stand out above competitors.
To find out more, complete the enquiry form on this page or contact Allan Carton at firstname.lastname@example.org or Tel: 07779 653105.
Thankyou for this one Brian Henderson, COO Baker McKenzie in Asia
To what extent and in which areas are the people undertaking that work being appropriately recognised, engaged and supported to ensure the success of new strategies, projects and initiatives? What impact does – good and bad – treatment have on results? Does it really matter? Can the returns be quantified to justify investment of £x or y hours in getting the balance right? Everything is a balance!
Complete this confidential 10-15 minute survey to find out how you, your legal practice and the rest of the legal sector fare on “Organisational Justice” that could impact on performance.
The questionnaire highlights where lawyers can drive both high and low “Organisational Justice”, which is connected to many behaviours that affect the bottom line, e.g. retention, absenteeism, reduction in productivity, counter productive work behaviours etc.
The Objective of this Research: Since the 2007 recession and the introduction of ABSs, law firms have been undertaking change. Amanda Galley is exploring an emerging gap that could hinder their hard work. Whilst law firms are working hard to change their structure, strategy and systems/processes (new IT systems, project management roles, pricing models etc), there is a fundamental element – the people undertaking the work – where lawyers may need to be pay more attention. The results of this research will help the legal profession to understand this potential gap.
Organisational Justice: is about our perceptions of whether we are treated fairly in the workplace and how those perceptions drive our actions. The impact could be a positive or negative change in our behaviour; or it could even encourage us to leave or stay at our place of work. A brief explanation of the three separate constructs within “Organisational Justice” is given within each section as you complete the questionnaire.
Confidentiality: You will NOT be asked for names or firm names. There are a few demographic questions at the end of the survey but just generic questions, nothing that can be traced back to anyone.
Who should complete the survey: Please only complete this questionnaire if you work or have worked in the legal profession. As well as employees, Partners and Owners are also encouraged to participate. Partners and owners – you should still please answer from your own viewpoint, even though some sections are asking about ‘partners and owners’
For more information. email Amanda Galley at email@example.com
Many leaders in law firms have never tackled the first hurdle (No. 1), feeling unable to share the load with others, so they never have enough time. To share the load to get over this, objectives need to be clearly defined and gaps in skills need to be filled. Invest time in managing performance against agreed objectives and tasks, mentoring others to develop their business and personal skills. Don’t try to do it all yourself. There just aren’t enough hours in the day … and the rest works for me too!
” … median profit per equity partner is £111,000, which is £4,000 higher than the figure from last year’s survey.” BUT “If firms could focus more on profitability and perform at the upper quartile point for gearing, recorded hours, recovered rate and margin, they would achieve a profit per equity partner of £409,000.”
“… median profit margin steady at 24%, close to the long-term average of 25%. This suggests that the legal profession has now implemented the necessary changes to earn at historical levels. Are firms going to be happy with this level of profit?”
… and much more to help you set expectations for your practice. The survey covers 390 firms, delivering robust regional and national data reference points.
This is the largest annual benchmark report to date from NatWest, with contributions up by 15% from the 2015 report which you can also find here.