Law firms are defined by some essential elements, such as culture, leadership, operations, strategy and the platform provided to their lawyers. Every one of these factors is important and differentiates firms in the marketplace. Having worked with firms of all sizes around the country, I dispute the view of some lawyers that all law firms are basically the same — they really and truly are not.
The one thing, though, that every firm (and quite frankly, every business) has in common is the need for revenue, for it is the lifeblood for an organization. No matter how wonderful a firm’s culture may be, how outstanding the work product produced by the lawyers is, or the long and proud history and reputation it has earned over many decades, all of that goes away if strong top-line revenue is not maintained. Granted, all dollars are not equal, as rates, collectability and strategic importance of fees to a firm (such as not blocking other revenue streams due to conflicts), all come into play. But, once assessed, revenue that fits a firm’s business model is what makes it go.
