Mid-sized patent law firms
CONSULTING OF SPECIALIZED PATENT LAW FIRMS
Challenge
Many patent law firms accept mandates from any client without questioning whether it makes economic sense. This is because law firms have a cost apparatus that demands the sensible use of the time of the professionals, especially the partners. Specialization is therefore the great challenge in this segment in order to differentiate oneself.
The analysis of the mandates and the time spent on them shows which mandates have the highest contribution margins. However, in order to spread the risk broadly enough, strategic development options are included to define the further mandate acceptance policy.
The firm is growing profitably in the target groups it has defined and specifically acquires these clients with an offer superior to the competition.
Our range of customers
Example of our “Real Time Change” consulting approach
An example of our “real time change” approach was provided by the newly elected managing partner of a large law firm, whom Christoph H. Vaagt visited for the first time. After a 1.5 hour conversation, which served to get to know each other from the consultants’ point of view, he said: “Dear Mr. Vaagt, please account for this conversation, I have learned so much, it is worth much more than I could have imagined”.
We can name the following cases from the last 20 years of our law firm consulting, with many examples overlapping; at the core, it is always about culture change:
- Restructuring of a medium-sized patent law firm in view of a profit margin of only 11%; turnaround support and realignment; resulting in a 27 % profit margin after 2 years
- Supporting the takeover of an established patent law firm by 4 new partners from the founder
- Clarification of the admission requirements for further partners as well as for the takeover of existing patent law firms: Business case and profit distribution clarified