Understanding cost structures and effective cost management for law firms

Venue: London

Location: London, United Kingdom

Event Date/Time: Jun 27, 2012 End Date/Time: Jun 27, 2012
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Description

Richard Susskind recently said the only issue that matters in 2012 is the "MORE FOR LESS" issue. As general counsel demand major cost savings in line with their own reduced budgets, it is clear that managing cost structures has become a crucial strategic issue.



In addition, the exponential increase in competition from low-cost providers, including ABS organisations, is being faced by firms of all sizes. It is essential to respond to this competition by reducing costs without reducing quality or service The scale of reductions required is likely to be substantial (Susskind suggests 30-40%) if experience in other sectors is repeated.



To do this successfully a systematic and structural approach is needed, which rebalances expenditure to simultaneously eliminate waste, whilst spending more on things which make money - an approach which many traditional firms have found difficult, but which is second nature to newer ABS type organisations.



This masterclass will equip you with the skills required to assess cost structures and implement effective cost management for your firm. It will guide you on the best methods to establish the necessary reductions and suggest alternative remedies to ensure your firm maintains profitability. You will have the opportunity to utilise the skills acquired by creating your cost management project.

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