The profitability puzzle

 Welcome to LPM October! In this issue, we explore how the latest market trends — higher salary expectations, the pressure to invest in legal technology, and greater client expectations around service delivery and pricing — are impacting law firms’ profitability, and how leaders are reshaping their strategies to future-proof their business’ profitability.

In this edition:

• Finance leaders from Dutton Gregory, Scarsdale Solicitors and Backhouse Solicitors weigh in on how law firms are rising to the host of market challenges and keeping themselves competitive, attractive to clients and healthily in the black.
• Sarah Nash, head of trust services at Smith Partnership, shares her perspective on how the recent electronic wills reforms proposed by the Law Commission could change work practices for law firms delivering these services.
• Dr Wills Parks, author of Graceful Leadership, highlights why a new approach to leadership is needed in times of complex global challenges.

Plus:

• Access Legal outlines how law firms can weather the storm in the conveyancing market and build a foundation for long-term success with the power of technology.
• Actionstep sets out its roadmap to help law firms create the conditions for long-term success: higher profitability, stronger client retention, and the ability to scale with confidence.
• SOS Legal highlights why partnering with specialist technology providers offers a more sustainable alternative to driving innovation in law firms.
• Osprey Approach outlines some of the key insights from its latest podcast guests on how law firms can attract, convert, and retain clients for long-term success.
• Thomson Reuters emphasises why law firms must take the proper steps to ensure the use of AI aligns with their core values.