The Future of Profitability Models and Analysis for Law Firms
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A comprehensive exploration into the recent and revolutionary approaches firms are adopting in their pursuit of greater returns.
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Incentivizing the New Normal
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Law firm partner compensation schemes, whether lockstep or eat-what-you-kill, subjective or formulaic, open or closed, tend to share one overriding flaw: they fail to proactively and transparently define the behaviors expected of partners in order to drive such behavior. If law firm leaders want change, they need to reward it.
Read MorePricing Legal Work is a Two-Way Street
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Law firm partners should not say to clients, "We don't know what this might cost you, because every matter is different," unless it's literally the first time the firm has encountered the issue. Similarly, in-house counsel should not say to outside counsel, "We don't know what this should cost us, we're expecting you to tell us," unless this is literally the first time the business has encountered this issue. Whether buying or selling, pricing legal work requires both parties to do better.
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