Dick Tyler: Bringing profits full circle
Why is leverage so undervalued as a contributor to law firms' profitability? Like most managing partners, I think that making comparisons between firms based on their profits per equity partner, without taking account of how many people called partners (equity and other) they actually have, is like comparing chalk and cheese. But we must not allow that discussion to distract us from a more important one, which is about what firms need to do in order to improve their competitiveness and profitability.
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