Are law firms ready to share?
The arrival of pricing managers at large law firms has armed them with detailed metrics on all the pieces that go into their cost structure and potential profit pie. Now, at least some clients are asking firms to hand over that info. In-house lawyers are demanding more frequently that their outside counsel be able to prove their costs, and they no longer want to lean on a law firm partner’s personal memory for justification. They want numbers, metrics, charts and averages. They’re even experimenting with subjecting firms to quarterly business reviews. Law firms aren’t empty-handed.
