Realization rates continue to decline in the legal industry, according to the most recent Georgetown Law/Peer Monitor report, demonstrating the growing disconnect between the hours worked and revenue generated by lawyers. As the connection between the billable hour and financial success becomes more tenuous, so too does the premise for advocating a highly leveraged business model comprised primarily of lawyers. The pyramid model the industry has grown to know and love, in large part due to David Maister’s masterful presentation in Managing the Professional Service Firm more than two decades ago, may be coming to an end. What will surface in its place?
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