Most large law firms have taken little initiative to measure the success of practice areas, despite a commonly expressed desire to focus resources on their most profitable practices and give critical attention to those areas losing money. In part, this is because law firms lack a commonly accepted methodology for tracking revenues and expenses. As a result, even those firms that actually maintain formal profit centring systems have found little practical use for the information, other than satisfaction of curiosity.
These are some of the conclusions drawn from a recent survey, conducted by Edge International, that researched the use of practice area profit centres in large US law firms.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]