Success means many things to many people; Photo: Adobe Stock The Best Measure of Success: Revenue, Reputation, or Relationships?
Law firms are redefining success by incorporating metrics beyond revenue and profits, including social media presence, diversity, and client relationships. While financial growth remains crucial, other benchmarks play an increasingly important role in measuring performance, writes the Global Lawyer.
September 29, 2024 at 05:40 PM
5 minute read
The Global Lawyer
What truly defines success for law firms? While revenue growth, revenue per lawyer, profit per equity partner, and billable hours are obvious metrics, increasingly sophisticated and nuanced benchmarks are reshaping the way firms measure performance.
Social media is now a powerful tool for burnishing a firm's reputation and recruiting top talent. Kudos then, to Baker McKenzie which has amassed a record 500,000-plus followers across all platforms and pole-vaulted into the most-followed Top 100 firm on LinkedIn. (Even pre-merger, Allen & Overy and Shearman & Sterling together couldn't top those numbers.)
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