ALPMA December 2016 e-newsletter

In this edition:

From the President

Andrew Barnes, CFO, Legal Lantern Group

Season’s greetings everyone.  We are all probably caught up in preparing to close out the year and look to some well-earned time off over the holiday period so I appreciate you taking the time to read our newsletter.

The ALPMA Board has over recent years driven a strategy which looks to build relationships both here and abroad.  It is not easy to fine the balance required to ensure local content is delivered successfully and that ALPMA is also positioned for the future.  In this context, our next lunchtime seminar is as important as how ALPMA is positioned in the increasingly competitive and universal landscape in law firm management development.  If we were to think otherwise then we are not heeding the regular message from our content – we live in a changing landscape.  We were asked recently to deliver a law firm management forum in Singapore alongside the Law Council’s Law Management Group.  We did so in late November and had an outstanding outcome, striking a chord with more than 25 firms in attendance.  The enthusiasm on the ground now sees a real likelihood of a sister association being created that we can work alongside to develop and collaborate with over time.  We have opened a new market for our library of content and a new catchment for our webinars and live-streamed events.  This is a very exciting outcome for ALPMA.

We remain quite humbled by the success of the 2016 ALPMA Summit in September.  Summit is the showcase of our annual programs.  It is the enthusiasm, insight and momentum that we build through the branches through the year that gives Summit its foundation.  There is still a huge effort involved in delivering the program and we thank the Summit Committee for their guidance and all others who helped along the way.  A special acknowledgement and thanks is also extended to david&Goliath Event Management who are having a break after putting together so many successful Summits.

We therefore look to close the door on 2016, a year of continued local growth, an exceptional Summit, an improvement in our reserves and an exciting new development internationally.  It is quite a list.  Looking to 2017 gives us plenty to be optimistic about and we look forward to welcoming back our teams of volunteers and contractors and any newcomers who have joined in the recent round of AGMs and branch meetings.  One change for ALPMA however will be heading into 2017 without Mary Hockaday on our Board.  Mary has been part of our landscape for well over 10 years and her imprint on our Learning and Development programs is indelible.  Mary stepped aside from the Board in November after hitting the maximum term but we know we will not have seen the last of her.  Mary, on behalf of the members and all others associated with ALPMA we thank you and wish you the very best in your new endeavours.

Thanks for a great 2016 and look forward to bigger and better things in 2017!

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Reward yourself (and your staff) this Christmas with an ALPMA membership!

Join our community of law firm leaders now for just $250!*

Now is a great time to become an ALPMA member.  Membership is a highly cost-effective investment in developing your leadership and management skills and extending your professional network. It will also give you valuable insights to help you improve your firm's performance in a complex and rapidly changing legal environment.  ALPMA membership until 30 June, 2017 is just $250 (ex GST) and less if you work outside the CBD or in New Zealand. ALPMA also offers generous discounts for firms that support multiple memberships, so why not reward your team with an ALPMA membership for Christmas!  

Join our close-knit community today.

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Financially propelling innovation & growth

The annual, free ALPMA/Crowe Horwath Financial Performance Benchmarking Study is now open for participation by all Australian law firms. 

This year, we have extended the study to include firm investment in innovation, strategies to finance growth and charge-out rates - as well as firm performance across a number of key indicators (like profitability, work in progress days, debtor’s days, interest expense, labour cost, rent, and working capital).  

Simply nominate one person from your firm to enter your key FY16 financial data into the online survey, for analysis by Crowe Horwath's benchmarking software, Open Measures. To help you prepare, download the questions before commencing the survey.  

The survey closes on 31 December, 2016 - so make sure you get it done now! Once all participating firms' data is entered into the system, you'll receive a secure log-in, where you can interactively view your results, and compare your performance on key measures to similar firms.

Participate now!

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'Referrals & Cross-Selling In Practice' Research Report

Most law firms are missing out on significant revenue due to their ad-hoc approach to referral and cross-selling practices, according to the 'Referrals & Cross-Selling In Practice' marketing and business development research conducted by ALPMA and Julian Midwinter & Associates. 123 respondents from a broad range of law firms across Australia and New Zealand participated in the research. 

“Few firms have adopted a structured, strategic approach to their referrals and cross-selling programs”, Andrew Barnes, ALPMA President and CFO of the Lantern Legal Group said when launching the report. 

“Those firms tracking revenue from referrals and cross-selling are generating strong revenue of more than half a million dollars per year, so it is well worth the effort and investment required to put together a comprehensive program, “ he said.

The results will help your firm understand:

  • What is 'best practice' for generating business from referrals and cross-selling
  • How your firm's referrals and cross-selling program compares to similar firms
  • Opportunities to improve your program and generate additional revenue. 
Download the free report

Read the media release

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Financial Performance Benchmarking Study - NZ Results

The New Zealand legal sector is expecting an average of five per cent growth in the next financial year - building on gross profit margins* that currently average nearly 78.7 per cent, according to the results of the recent ALPMA/Crowe Horwath Financial Performance Benchmarking Study.  More than forty firms from across New Zealand participated in the 2016 ALPMA New Zealand financial performance benchmarking study conducted in partnership with Crowe Horwath. Key findings include:

  • The 10 best performers average $1,308,000 per partner in revenue, up from $1,017,000 in 2015 
  • The average revenue generated per partner is more than $803,172, showing an increase of 12 per cent from the 2015 survey. 
  • Nearly three quarters (74 per cent) of the firms surveyed expect revenue growth in the coming financial year compared with 53.3 per cent for firms last year.
Participating firms have now received an email with the results summary (available for download below), plus a login to access Open Measures, which enables them to interactively compare their firm's performance against the results from similar New Zealand law firms using a number of filters including location, practice type and size of firm. For the first time this year, members of NZLaw, Law Plus, LawLink and Law Alliance can view results by group. Firms that participated last year can also see how their firm's performance is tracking over time. This powerful analysis gives firms a relevant and meaningful benchmark to work from - and realistic goals to aim for.

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Wanted: 2017 Salary Survey Partner

If you want a cost effective strategy to reach Practice Managers and HR Managers at Australian law firms by providing them with highly valued content - while building your position as a thought leader in the space, then partner with ALPMA for the 2017 Australian Legal Industry Salary & HR Issues Survey launching in March, 2017.  

Learn more about the benefits and entitlements for this fantastic opportunity, then contact Nicki Hauser, ALPMA's Marketing & BD Manager, to discuss how this partnership could align with your business objectives in the legal sector.

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Check out the ALPMA Annual Report

 As we embarked on the first year of our 2015- 2018 Strategic Plan, the focus was on delivering on our promise to members, growing membership, expanding our strategic relationships and growing reserves and resources to facilitate future growth. This report sets out ALPMA’s achievements and financial position at the end of FY 2015-16.  

Read the report now!

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New ALPMA Member-Only Deals

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Will your practice withstand a cyber attack?
Free OBT Phishing Test to see how cyber-aware your staff are (valued at $1650)!

Brown and Brown Conveyancers
10% discount off the full price of the "Step by Step Guide to Operating a Successful Conveyancing/Legal Practice

GlobalX Legal Solutions
Access Australia’s next-gen cloud-based conveyancing workflow solution for $0!

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