For years now, the legal industry has showed palpable resistance to embracing a different business model. Law has always been viewed as a noble profession, not a business. Lawyers are there to do what they love most: serve clients, deliver great work and, of course, generate profits to the partnership. Compounding this dilemma is the fact that most law schools don’t teach the fundamental business skills critical to running a successful practice.
However, a law firm is a business and should be treated as such. In a time when corporate demand for outside legal counsel is critically low, firms that cling fervently to outdated models of service delivery are bound to lag behind. In contrast, firms that are bold enough to buck tradition are much more likely to flourish.
Case in Point: Goodwin Procter
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