Advisory Services
My management consulting practice is dedicated to helping law firm leaders navigate through the many changes occurring in the legal profession. By adapting business practices to the unique practice of law, I help law firms operate more profitably, more efficiently and with a greater focus on client satisfaction. My approach is less academic and more practical; my advice is informed by decades of working with law firms and corporate counsel. I specialize in the following areas:
Law Firms
Legal Project Management – Client demands for improved predictability and efficiency in managing legal matters poses a challenge for law firms. I offer workshops for law firm partners to demonstrate how to adapt their approach to communication and matter management to embrace the principals of project management. I also work with practice group administrators, finance, knowledge management and marketing professionals to embed these concepts into the daily operations of the law firm.
Business Process Improvement – Law firm leaders continually seek ways to lower overhead, whether through more aggressive vendor negotiations or outsourcing core functions. True cost containment comes from operating differently, not merely lowering overhead. I work with law firm leaders to go beyond mere cost containment to explore different ways of delivering quality legal services. Whether through outsourcing back office functions or migrating low-end legal work to remote offices or legal process outsourcing (LPO) firms, I help navigate through the myriad of alternatives.
Alternative Fee Arrangements – In the past, law firm profitability was achieved by observing the R.U.L.E.S. (utilization, realization, leverage, expense management and speed of collections). In the modern law firm, profitability can be enhanced — not just maintained — by incorporating alternative fee arrangements, which rely on lowering the cost of legal services delivery rather than fee increases. Through increased efficiencies gained by embracing the learning curve, a concept critical to success in every other business segment, law firms can flourish under non-hourly billing arrangements. I work with law firm leaders and finance professionals to establish systems and processes for managing alternative fee arrangements.
Business Development – Winning work in a competitive marketplace is challenging, but embracing a few core concepts can provide a competitive edge. I work with law firm leaders, practice group leaders and billing partners to improve targeting, to manage opportunities, to consult rather than to sell, to customize pitches and proposals and to regularly assess client satisfaction.
Legal Vendors and Suppliers
Market Strategy – In a fiercely competitive market, it’s critical to understand the changing landscape. Which products and services are growing in appeal to law firm leaders and why, and which are declining and why? How are law firms changing the way they buy goods and services? Does your product have the right positioning and messaging to help it stand out? Have you market-tested new features and functions to ensure they will catalyze growth? I work with legal vendor business executives to better understand the legal market and to improve their chances of success with product strategy, development and launch.
Sales Force Readiness – The greatest products can fail if there are ineffective marketing or sales processes. I work with legal vendor business executives on go-to-market tactics, including sales force training. Whether through a refresher on consultative selling skills, better understanding of law firm operations and the buying process or improving sales and marketing collaterals, I help improve closing rates.
To inquire about Corcoran Consulting Group advisory services, call +1.609.557.7311 or email timothy.corcoran@corcoranconsultinggroup.com
