Credit: Nuthawut/Adobe StockHow Law Firms Can Make Business Services a Performance Champion
"Based on our experience," McKinsey & Co.'s Albert Bollard, Alex D'Amico and Igor Yasenovets write, "it is possible to increase business-services efficiency as much as 20% in terms of cost per lawyer, while maintaining or boosting partner satisfaction."
January 21, 2025 at 10:16 PM
4 minute read
Given that a small number of top U.S. law firms are pulling away in terms of financial performance, it’s not surprising that improving profitability is top of mind in the industry. Many firms are therefore taking a hard look at how to improve their business service functions.
And with good reason: large firms typically spend a quarter of revenues on business services—everything from real estate and technology to finance and administration. Based on our experience, it is possible to increase business-services efficiency as much as 20% in terms of cost per lawyer, while maintaining or boosting partner satisfaction. These savings do not have to come at the expense of quality. Done right, they can improve client service and the day-to-day partner experience.
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