Plaintiffs’ Class Action Law Firm Optimized Profitability Via Comprehensive Transformation

Responding to Preeminent LLP’s ambition to rapidly transform their business and prepare for the next phase of growth, P&C designed and executed a series of three initiatives spanning the full spectrum from strategy through implementation:

• Strategic repositioning. Assessed each practice and office based upon their historical financial performance and strategic fit – in terms of reinforcing or conflicting brand perceptions and relationships with key decision-makers – developed corresponding staffing plans to grow or triage the practice, launched new offices, and prepared for future mergers and acquisitions.
• Capability development. Dramatically strengthened core functions, establishing the infrastructure to drive and support subsequent expansion:
  • Marketing and Public Relations: articulated the organization’s brand, refined key target business development and other stakeholder audiences, selected a best-in-class public relations firm, and developed critical platforms to generate prospects and to develop successful, enduring client relationships.
  • Finance: streamlined the incumbent accounting system to inform key decisions by transforming the general ledger structure, implemented revenue and expense forecasting processes and controls, automated low-value transaction processing by digitally transforming the accounts payable processes, and implemented an aggressive procurement program to optimize non-labor expenses.
  • Technology: overhauled the practice and financial management systems, implemented an enterprise document management solution – shifting from a legacy platform to an industry leading enterprise software platform – and implementing a best-in-class digital workflow which integrated firm-wide business processes to eliminate duplicative, manual work. Integrated all enterprise systems together for seamless straight-through transaction processing and reporting. Identified and addressed an array of IT infrastructure needs including optimizing networks, improving cyber protection, deploying state-of-the-art communications and content archival solution, and desktop virtualization to reduce costs and improve availability and fault-tolerance of critical new infrastructure.
  • Illuminated financial insights by developing comprehensive analytics dashboards providing real-time access to key financial and operational results, supported by a robust data quality remediation program.
  • Developed the organization by benchmarking professional staff compensation against local and national peer groups, designed a performance management system that formalized roles and responsibilities of key positions, assessed functional leadership against available candidate pools, and conducted targeted executive recruiting to address key gaps in expertise.
• Value capture. Implemented a variety of tactical projects to reduce costs and drive consistency and compliance including maximizing the recovery of client-related expenses, optimizing insurance coverage, consolidating and reducing travel expenses, automating workflows such as expense management, and standardizing processes such as conducting conflict of interest checks.