Firm Performance & Profitability Improvement
Improving performance and profitability requires an understanding of a firm’s strategy, finances, and operations, as well as detailed knowledge of the client’s needs and expectations. Fairfax combines experience in all of these areas to assist firms in achieving substantive improvements in financial and operational performance.
Once Fairfax understands a client’s needs and expectations, we can offer guidance on improvements in areas such as legal processes, project management, practice structure, and overall service delivery. But the firm’s perspective is also important, particularly on initiatives such as changing the work mix, taking different approaches to pricing, improving work processes, introducing new business models, developing new channels of service delivery, and outsourcing to third parties.
Most firms contain one or two underperforming practices. There is good reason to invest time and effort in improving their position. But performance and profitability gains also are achievable in relatively high-performing practices, and often the returns can be greater on investments in improving the best rather than in remedial work for the weak.