A Law Firm Lesson from Manufacturing

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I recently talked with a solicitor from London who said that her firm, like most in the UK, uses only the fixed fee billing model; there is no focus on the billable hour. The solicitor is studying the use of knowledge management databases as a means to improve law firm efficiency and thereby improve profitability. Her firm employs a group of lawyers whose primary function is to improve their knowledge base, organize it and make it more searchable, all with the view to reduce the time needed to create documents for a new transaction and increase the margins of profit. These lawyers do not engage with clients; their focusis on the infrastructure of the firm and its improvement. Since much of the firm's work is based on fixed fees, any improvement in efficiency will go directly to the bottom line.

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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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