Some months back, I wrote an article on managing law firm profits for the long run. The point of the article was it is not enough to manage profits by pushing volume (i.e., revenue per lawyer) if one is to take a long-term view of things.
The article stated, “Managing the profitability of a law firm is a matter of making sure that whatever work is being originated is the kind of work that occupies lawyers at their highest and best use.” That means making sure matters are staffed with the right mix of partners and associates to ensure a fair return on the partner time invested and making sure that the firm realizes near full rates on the work.
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