In 2013, when most law firms think about how to increase profits per partner, they no longer can just say: “Let’s increase our rates.” Clients won’t tolerate that. So, the next discussion turns to laying off lawyers, including partners, or at least de-equitizing some of them and finding other ways to cut costs.
Layoffs, de-equitizing partners and cutting costs in focused on getting greater profits from a shrinking pie. I have often wondered why firms are so focused on cost cutting rather than increasing revenue. What produces greater revenue and ultimately greater profits per partner? Here is what would put on my list.
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