SOMERSET, N.J., September 21, 2009 – Hildebrandt, the leading management consulting firm to the legal market, today announced the introduction of LawVision™, a new consulting service that helps law firms adapt their business models to changing market conditions.
The current economic downturn has focused attention of the legal profession on the basic structural, economic, and work process models that have dominated law firms for many years. Some of the key aspects of currently prevailing models include hourly pricing, lockstep progression and compensation for associates and a profit model based on growth and expansion.
Many firms have begun to experiment with modifications to these models – some more minor and some revolutionary – while other firms are actively discussing whether changes to their traditional approaches are needed.
Hildebrandt’s depth of experience and breadth of practice make it uniquely suited to assist clients in carefully evaluating the need for change and the potential benefits, based on each firm’s unique structure, client relationships, history and market position, and preparing the firm strategically, culturally and managerially to assimilate change in a rapid and positive manner. Hildebrandt LawVision consultants understand that changes to one part of a successful business model can create significant “ripple effects” through other parts of the firm’s operation. An important part of the LawVision services is to insure that there are no unexpected or unintended consequences of actions that firms are considering.
“Many law firm leaders are examining or experimenting with significant changes to traditional firm business models in response to rapidly changing market and economic conditions,” said Jim Jones, Managing Director at Hildebrandt. “A key question is whether all of this experimentation will come to an end once the economy recovers, or whether we are at the beginning of fundamental structural change that is being accelerated by the recession and that will ultimately profoundly affect the practice of law.”
“We believe that successful law firms of the future are likely to depart from traditional models in a number of important ways. But the result will not be the evolution of a single ‘new model’ but the proliferation of models in which firms tailor their responses to their own unique circumstances – client bases, areas of practices, service delivery strategies, etc. As part of our LawVision services, we are currently working with many of our clients to rethink their basic business models and to redesign parts of them in ways that make sense for their individual needs,” says Joe Altonji, Chair of Hildebrandt’s LawVision Coordinating Committee.
Within LawVision services, Hildebrandt has been actively working with clients on projects to modify firm structural and operational models including alternative pricing models and new financial metrics; staffing models to align legal services delivery with client perceptions of value; talent management and compensation models to better manage lawyer development and to increase engagement; work process redesign to reduce overhead and operating costs; and leadership development to help drive change management.
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About Hildebrandt
Hildebrandt, a Thomson Reuters business, is a multidisciplinary consulting firm, helping law firms, legal departments and other professional service organizations plan, implement and achieve their management and strategic goals. The company, with more than 50 consultants located in offices within the United States and London, is the undisputed leader in providing strategic advice, managerial guidance and implementation support to these organizations. For more information, visit www.hildebrandt.com
