Demystifying Law Firm Profitability

Demystifying Law Firm Profitability

By Debra Baker, Randy Staggers, CPA
October 12, 2023 | 34-minute episode
Business of Law Profitability and Pricing Content Type Podcast
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LMA Podcast · Demystifying Law Firm Probability

Episode: 108

Episode Description:
On the face of it, law firm profitability sounds simple enough: revenue - expenses = profit. And yet, profitability can be a dicey topic for lawyers and legal professionals alike. Drawing on PLI’s Improving Profitability course (now available to LMA members as a complimentary member benefit), this episode demystifies profitability basics and provides legal marketers and business developers with practical strategies for better understanding and supporting law firms in their strategic growth efforts.

Debra Baker, Managing Director, GrowthPlay
Randy Staggers, CPA, Chief Financial and Administrative Officer, Baker Donelson

Relevant Links:
To optimize the learning experience, LMA Members are encouraged to log in to their member profile to take the PLI course Improving Law Firm Profitability prior to listening to this podcast.

About this Collaboration:
LMA is proud to partner with the Practising Law Institute (PLI), a leading nonprofit learning organization in the legal industry, to offer new, complimentary educational offerings to LMA members. Through this initiative, PLI, a renowned resource for attorneys and other professionals, will offer LMA members exclusive complimentary access to select educational programs. Curated for LMA members with their professional development goals in mind, these programs will provide legal marketing professionals with relevant, useful information on the business of law and substantive legal issues, presented by PLI’s faculty of leading industry experts.

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Debra Baker

Debra Baker is a business development coach and growth strategist with GrowthPlay, where she serves as managing director. She is passionate about helping lawyers build rewarding law practices and helping law firm leaders drive growth in ways that are not only profitable but also create loyal client relationships and engaged humans.

Randy Staggers, CPA
Baker Donelson

Randy Staggers is currently the chief financial and administrative officer at Baker Donelson, a general practice law firm of 700 attorneys in 22 offices primarily in the southeastern United States. He has been in this position for five years based in Atlanta. Staggers was a partner with Ernst & Young (EY) most of his career. He also was senior vice president of financial and administrative services for Highmark and a partner with Baker Tilly before making this move to Baker Donelson. Staggers obtained his bachelor's in business from Westminster College, New Wilmington PA and is an inactive CPA.