One of the best ways to hone a firm’s business strategy is to dig deeper into the assumptions relied upon to devise that firm’s business strategy. At the Redwood Think Tank, we reported not too long ago that law firms, on average, lose work from existing clients at the rate of 1 percent per month. We based our estimate on a study of four firms that experienced remarkably similar rates of attrition.
Since then, we were asked whether our estimate would hold up if we studied a larger number of firms. We also wondered whether some firms experience lower rates of attrition and, if so, why.
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