Blogs & White Papers

Stay up-to-date with the latest business and legal industry news, white papers, updates, insights and analysis direct our experts. 


Food for thought: Is your Law Firm's Property Department maximising its potential profitability?

Post by Admin , Dec 07, 2018.
Business Consultancy

##IMAGEALTTEXT##

Property departments often find themselves at the centre of a law firm providing both cash flow and access to quality clients with the opportunity to cross sell into other departments providing clients with access to the overall legal service offering provided by firms.

BUT…

How many firms truly give the property department the focus it needs to ensure it runs efficiently and profitable and maximise the potential that a well-run property department brings?

Fixed fees are standard in most firms and competition tends to control the fees that can be charged for most firms. If firms have seen their fees fall in recent years and profit margins are a concern the time is right to review and adapt how the firm approaches its property work and unlock the full potential of the department.

Property is not an area of law to ‘dabble in’ and without an experienced property lawyer or lawyers, the firm exposes itself to risk but that risk can be minimised, controlled and eradicated. For a property department to be effective and profitable it needs some key ingredients, all of which are easily accessible to most firms and enable firms to generate a successful and thriving property area which, when truly understood, can prove to be extremely valuable to the providing much needed cash flow along with access to new business.

Regardless of the size of the firm, a well-run property department should see case handlers having the ability to handle 100-150 residential transactions at any one time and if your firm is not achieving those levels there is a lost opportunity, but provides a path for growth and increased income.

This is not a question of installing expensive systems that are out of reach of SME law firms or too complex to consider for a large established firm. Approaching the work undertaken by this department in an efficient way that makes use of the technology that is available and which your firm can afford is essential and not as complex as it may be first thought!

Whether you are a small firm seeking to expand your property department or large firm that wants to increase profit margins in the property department at Mr Green Consultancy we have worked with and alongside firms of all sizes. Our work has enabled our clients to transform their property department to achieve their full potential and beyond.

Core areas to consider are: -

  • ·         Marketing and how you generate your new business?

  • ·         Systems and control, what you use and how you use it?

    What is available and what can you afford (or afford not to)?

  • ·         Time recording- Should You? Even on fixed fee work?

  • ·         Additional fee control – why do firms get this wrong?

  • ·         Cross selling opportunities - what are they are how?

  • ·         Unlocking the power of client feedback and reviews!

  • ·         How to use information effectively?

  • ·         Managing Staff and their performance

  • ·         Managing work flow and tasks

  • ·         Roles and Responsibilities

For access to our detailed strategy paper on 'Maximising Your Property Department Potential', contact us on 0207 842 1825 and a copy will be sent to you.

Enjoyed reading this post? Continue reading our blogs here.