Lean Law Boosts the Economic Drivers of Law Firms

Among the benefits: improvement in client acquisition, client retention, billing and recovery statistics, lawyer recruitment and retention, and rates paid for professional liability insurance.

Airlines with a poor safety record have poor economics. Likewise pretty much anybody in any industry or sector. In any business, good processes lead to safe operations, which leads to good economics. So it is for professional services in general, and law firms in particular. Ask any law firm leader or manager to make a list of factors that drive law firm economics, and the obvious categories will appear: client acquisition, client retention, billing and recovery statistics, lawyer recruitment and retention, and of course professional liability insurance. Now take the list and consider the effect of improving operational safety. It benefits every item on the list:

Economic effects of enhancing safety

The client retention points are worth elaborating. It speaks to everything Professor David Maister cites in ‘The Trusted Advisor’ as being integral to the relationship between a professional service firm and a client. He reminds us all that doing a job well is the best form of marketing. This is why the incumbent law firm is always in pole position to win the next job; it’s theirs to lose. This being so, Lean Law enables the firm to showcase its abilities in a structured way, to which the client is aligned. It is not doing a job for the client, but rather doing a job with the client.

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