Within many law firms, any variations on the word “commoditized” (i.e., commodity, commodification, commodified) are very bad words with negative connotations. Lost in this traditional perspective are the facts that a)...more
Take one type of client work for which you are competing on price. Pick something routine. Preferably work you currently process at a high volume or could process at a high volume if only you had better support systems and...more
As happens in personal life (and certainly with recent headlines), law firm leaders frequently get side-tracked firefighting, acting on urgent tasks that distract from doing important things that will have a more impactful,...more
The current COVID crisis will have the effect of accelerating a trend that has been on the horizon for some time – moving the legal industry in the direction of creating explicit linkages between partner compensation and...more
For many law firms, 2019 was a good year, as improving demand and effective pricing strategies supported bottom-line results. As we look to 2020, profitability remains a hot topic for most law firm leaders. The industry is...more
Law firm profitability is traditionally measure in the aggregate, i.e., at the overall firm level, and then divided by the number of current equity partners to produce a profitability metric, profits per partner, that is as...more