Planning for Profit

Following the success of this years round table events we have been asked to provide a range of web-based webinars aimed at discussing more detail relating to the ‘10 stages of the Matter Profit Journey’ as outlined to you during the London events. The  ‘10 stages of the Matter Profit Journey’ encompasses the NEXUM 360° financial health check program, used across our client base, covering: 1.     Profit Planning 2.     Pitch process 3.     Expectation 4.     Delivery 5.     Billing 6.     Payment 7.     Collections 8.     Query & dispute management 9.     Cash application 10.   Sustaining business I'm very pleased to announce that a range of free webinars introducing the NEXUM ’10 Stages of the Matter Profit Journey’ are scheduled to take place online over the coming months. The first webinar will cover planning and look at the capability of the law firm to deliver profitable services to the market, how to identify demand, ensure you have the correct assets to target the right audience in order to achieve the firms ‘Survival/Growth Strategy’. Although on the face of it the subject matter of the first webinar ‘Profit Planning’ suggests a marketing bias, the content is deeply rooted in the financial success and fitness of your firm. The webinar will be hosted by Jim Stanley,Managing Director /CEO of NEXUM. Jim invested four years in private practice before moving into legal technology and professional services during the mid 1990s. Working with colleagues Jim formed a highly successful organisation that grew to become NEXUM. NEXUM and has enjoyed more than 20% growth year on year for the past eight years, fending off fierce competition, external investment and reliance on the bank. Jim is a Chartered Marketer and has developed strategies to ensure NEXUM maximised its resources in line with changes in the economic landscape. NEXUM currently deliver cash-flow and profit improvements to more than 100 clients including Heineken, Travis Perkins, DSG Retail, South East Water, Herbert Smith Freehills, Irwin Mitchell, Pannone and recently announced a major project with The London School of Economics. This webinar is aimed at both Managing and Senior Partners together with finance and operational executives within your firm. We will look at how proper planning during the earliest stages of the business cycle can have enormous impact on the reducing the risk of not achieving target profit, cash and growth levels. Register for a session now by clicking a date below: Wed, Nov 13, 2013 1:00 PM - 1:20 PM GMT Wed, Nov 20, 2013 1:00 PM - 1:20 PM GMT Wed, Nov 27, 2013 1:00 PM - 1:20 PM GMT Wed, Dec 4, 2013 1:00 PM - 1:20 PM GMT Wed, Dec 11, 2013 1:00 PM - 1:20 PM GMT

Charles Christian Interviews Jim Stanley

Charles Christian Publisher and editor of the Legal IT Insider global legal tech industry newsletter and the LegalTechnology.com website interviews Jim Stanley co-founder of NEXUM. 

http://www.therevenuetion.com/jim_and_charles_128kbs.mp3

Charles interviews Jim about the rise of NEXUM, what they offer the legal and professional service markets and how experienced gained in the wider corporate market can provide benefits. 

What can your word power win you?

What can your word power win you?

Nexum Software is marking its event sponsorship of this year's LawTech Futures with the release of a new gaming app. The revenue management specialist, who will be promoting its 'Revenuetionary' approach to law firm financial fitness at the event, has today launched Word Patroller for iPhone.

The game’s 'making words under pressure' format will appeal to fans of App Store classics SpellTower and Boggle while an added competitive element should make for a healthy download rate in the lead up to the show.

"It's a fun, brain-training style game that everyone can enjoy but we thought we'd encourage plenty of participation by running a couple of competitions around LawTech Futures”, explains Nexum’s Jim Stanley.  “These are open to law firm staff, and we'll have one competition running from now until 28th April for those not able to attend the show on the 30th; and the other taking place on the day itself especially for delegates.

Both will work exactly the same way with the highest validated score winning its owner the latest iPad. You'll have to download the game to see what it's all about but one tip I can share with you is to look out for opportunities to spell 'Nexum' and 'Revenuetion' - they'll do wonders for your score!"

To enter the first competition, gamers should email a screenshot of their High Scores page to scores@therevenuetion.com no later than midday

on April 28th. (Press Power and Home buttons together for the screen grab.) There is no limit on how many times the High Scores page can be submitted. To enter the second competition, LawTech Futures' delegates should visit the Nexum stand to present their High Scores page no later than 6pm on 30^th April.

To download the game, visit the App Store and search for ‘Word Patroller’ or click here to download from the Apple App store.

John Mullins invites you to his round table discussion: Tackling the financial fitness challenge

John Mullins invites you to his round table discussion: Tackling the financial fitness challenge

Thursday 9th May or Wednesday 12th June, 9.30am, Law Society It’s little surprise that fiscal hygiene and financial fitness are at the top of today’s practice agenda. Firm failures, flat revenues, rising costs, increasing competition and price pressure, lending restrictions, delayed distributions, these are just some of the factors coming together to create the perfect storm for UK law firms. It’s the tight ships that will have the best chance of riding that storm successfully, those that are proactively and effectively managing cash, WIP and debt to improve working capital and drive down lock-up. Led by former COO and CFO of Herbert Smith Freehills John Mullins, the session will explore the current legal landscape and examine practical strategies for: ·       Improving WIP management ·       Increasing billing and collection realisation ·       Limiting write-offs ·       Improving matter profitability ·       Reducing bad debt ·       Accelerating cash to offset interest payments ·       Boosting PEP As part of the discussion John will share a case study from a Top 20 firm, explaining how it successfully reduced debtor days by 20% in less than six months, achieved a £10m cash acceleration in the same timeframe, and is on track to cut three weeks from its lock-up figures. The aim is to highlight that there are proven methodologies – a potent mix of new thinking, technique and technology – for tackling the financial fitness challenge. We hope that you can make one of the two planned sessions and look forward to welcoming you. Please note that as places are limited, we will be operating on a first come, first served basis. If you are unable to come but wish to pass the invitation to a colleague, feel free to do so. Dates: Thursday 9th May or Wednesday 12th June  (Please indicate preference in RSVP) Start: 9.30am Registration and Coffee Finish: 12.30pm Concluding Remarks and Lunch Location: The Law Society, Chancery Lane, London WC2A 1PL  RSVP: To book your place please email either email me at sleach@nexumsoftware.com or call me direct on  0845 226 8184 Kind Regards, Susannah Susannah Leach Business Development Manager

Value Gain

The nexum Revenuetion 'Value Gain' relationship. 

Value =  is that quality of anything which renders it desirable or useful. 

Do you purchase technology or invest in it? What value do you expect, what is your approach to value gain?

Most cars have four wheels, an engine, seats, brakes etc, but the price range ca start at a few £1,000 for a new one to £1,000,000 - so why the gap? The price difference relates to value offered by the supplier and perceived by the buyer. Comfort, economy, speed, image, reliability, running costs etc are all value components. 

Take the Apple iPad, it currently commands a 30%+ premium over competitive products, why? It is the value buys gain from the experience - reliability, image, functions, quality. 

When you look at software now, do you see it as a solution to deliver a gain in 'value' now, in six months and each year afterwards? Do you see us as 'suppliers' or 'partners'?

Working together we are enablers; enabling change, improvements, benefits, low risk, comfort - or value as we see it. Throwing technology at a problem is just that, 'know-how' makes the difference. 

If it saves lives...

We really gain a lot from reading about the principals and procedures adopted by the pharmaceutical and medical industry, not because we have an interest in joining that industry BUT because what they do has to work or else. The developments in this sector within the previous 40 years has cured many fatal illnesses, prolonged life for many others and generally helped man kind survive. The morality of this is a different discussion. What interests us is their approach and how that can be adopted by the commercial world at it suffers.

One of the greatest medical developments has been in detection and the now accepted rule that 'accurate diagnosis is half the cure, treatment without understanding can be harmful if not fatal'. How many firms have invested too much in solutions with less than acceptable benefit?

For 2013 one of your core activities should be to focus on accurate diagnosis. Our reputation is one of a partnering organisation that swiftly reduces lock-up, increases realisation rates and reduces write-offs, leaving the technology aside our approach enables us to deliver pin sharp results, much of this has been bought about by our approach 'accurate diagnosis of what is required'. For us this underpins the foundations of The Revenuetion, 'Do now what needs to be done'.

Unlike many organisations we are driven to sell clients a lump of stuff at the highest price, our approach is to sell clients what they need at the highest value to both sides. Win Win.

In the year ahead the financial health of your business is determined solely by what you do now. We wish you a successful 2013 and a healthy one too!