Most law firms have a limited number of options to improve their profitability. They can ask their lawyers to work harder —which in many firms is a function of having the work to do, as well as a culture that inspires and rewards hard work. Another alternative is to cut costs but, for most law [...]
As the global economy moves toward an eventual recovery, there will be some huge opportunities for law firms, as well as some minefields. How firms deal with these issues may determine their short and long term success. There are all sorts of possible scenarios but the five issues discussed below certainly appear to be the [...]
A lot of law firms talk about using pricing to attract clients who don’t want to pay New York prices for top quality legal work. But, for most firms, the Low Cost Provider strategy has not been particularly successful. The answer may be for firms to learn from the pricing experience of businesses in the [...]
I had occasion to be on a panel with several other consultants and some managing partners recently. One of the consultants said, “As you all know, every law firm loses money on associates during their first three years of practice.” The panel (me included) smiled and nodded acknowledgment of this commonly accepted belief: all young associates cost more than they produce in revenue.