Can a Law Department Be a Profit Center?

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Law firm partners and corporate general counsel are all lawyers, but they practice law in very different worlds. Whether the issue is hourly rates, cost cutting, governance, or other measures, corporate culture is focused on organizational performance and values. In many ways, GCs today are well positioned to make organizational performance contributions. They have a much larger budget for legal fees than ever before and increasingly are using it to "purchase" legal talent at wholesale (as an employee of the legal department) rather than retail (law firm associate or partner). In many cases, GCs are increasing the internal emphasis on their legal departments as one way to control legal costs and impact organizational profitability. That gives them a greater degree of respect within their own organizations for cost decisions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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