Realization. Utilization. Leverage. Alternative and contingency fee arrangements. For young lawyers, focusing on these bean-counting concepts can seem like a mundane chore. They may feel that these issues are the responsibility of senior partners and firm management. But this line of thinking would be a mistake. The days of large, round numbers on a client’s bill for “services rendered” are long gone. Law firm economics matter for lawyers at every level.
Young lawyers—junior associates, experienced associates, new partners and in-house attorneys alike—should seek to understand how law firm economics impact their careers. And it is never too early to start.
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