Archive: August, 2011

Document Assembly Can Improve Law Firm Profits

In this week’s Wall Street Journal, Vanessa O’Connell writes that, “More than half of the country’s top 50 law firms may have overstated a key measure of profitability in a closely watched ranking.” The ranking of “profits per partner,” published annually by the American Lawyer magazine in May, is the most commonly used gauge of health in the $100 billion global corporate-law-firm industry.

The findings— which were shared with The Wall Street Journal by a person briefed on the report— raise questions about which law firms are making the most profit as the legal industry slowly recovers from a prolonged downturn.

An analysis by Citi Private Bank Law Firm Group reportedly found that 22 percent of the top 50 firms overstated profits per partner by more than 20 percent in 2010.

The ROI of Document Assembly

Depending on your accounting method, you may be trying to determine your ROI (Return on Investment), TCO (Total Cost of Ownership), or simply the payback on your investment in a document assembly or document automation solution.

There are a number of elements to consider when calculating the value of a document assembly implementation, including: