The Law Tribune recently ran a front-page article about a study released in September by Connecticut Attorneys Title Insurance Co. called The Attorney Business Index Study. In the article, The Law Tribune pointed out that this poll’s creators found it “shocking” that 19 percent of the participants stated that half or more of their real estate closing transactions were unprofitable. However, upon reflection, this statistic is neither as shocking nor as informative as it might first appear.
It is not clear from The Law Tribune article how “profitable” and “unprofitable” were defined in the study. Did lawyers participating in the study deem a closing unprofitable simply because they did not hit their targeted hourly rate or because their law firm actually paid out more in attorney or staff wages for the hours to do the work than it received in fees?
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