At the end of 2019, analysts were already recommending businesses take a hard look at expense reduction.
While we find ourselves now in one of the most challenging financial times on record, business perspectives are shifting carefully from crisis to return-to-office modes - with plenty of flexibility built in.
Law firm leaders are, therefore, looking ahead now to try to understand how to manage an indeterminate period of increased operational complexity combined with increased pressure on margins as revenues may flatten or decrease.
There are two ways organizations can handle this:
1. Short-term Price Reduction
2. Strategic Expense Reduction
Strategic Expense Reduction strategies substantially lower costs now in a way that has a greater impact on an organization and improves the organizations’ position for the longer term.
Mattern is your Strategic Expense Reduction expert resource.
We are working with business leaders now to help them be proactive from a position where they can leverage opportunities—and not default to continuous cycles of reacting.
Here are just some of the areas Mattern’s expert consultants are helping organizations:
- How to manage outsourced staff and outsourcing contracts
- How to reduce off-site records storage costs and create an effective exit strategy
- What to do with radical equipment/MFD/printer reductions and flexibility clauses
- How to reduce costs in lit support/e-Discovery services
- How to determine staffing needs
- How to determine office supplies needs
- How improving your cost recovery will help you lower your expenses
- What contract changes/amendments you should be making to prepare for the future
Resources to help you with your COVID-19 back and middle office strategies:
Creating Your Return-to-Office Playbook: Back and Middle Office Considerations
Managing Back and Middle Office During Uncertain Times
The Time is Now: What Firms Need to Do to Reduce Expenses Strategically
Cost Recovery for E-Discovery and Litigation with Rob Mattern and Nathan Curtis
Three Types of Operational Excellence with Rob Mattern