16. A Guide to Sustainable Profits

The traditional law firm definition is along the lines of increase rates, manage capacity and drive hours. This formula isn’t so much wrong, as unsustainable. Why, because it’s all about the law firm at the expense of everything else.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In the last two lessons, we’ve been talking about Profit, and redefining it. The traditional law firm definition is along the lines of increase rates, manage capacity and drive hours. This formula isn’t so much wrong, as unsustainable. Why, because it’s all about the law firm at the expense of everything else.

Let’s unpack this, starting with increasing rates. This is the annual knee-jerk reaction of law firm leaders, and it’s at the expense of the clients. This year, it was amped up by the talent wars and the associated salary hikes, but still it’s at the expense of the clients. Same service, just at a higher price.

This premium content is locked for
Lean Adviser Legal subscribers only.

  • Subscribe now to receive:

  • 100+ Think Lean Daily Messages
  • 100+ Lean Lessons
  • 27 Lean Routine Checklists
  • 15 Lean Adviser Videos
  • Conference Calls for Q&A with Lean Adviser Editors including
    what’s coming next from Lean Adviser
  • Quarterly Training Sessions

Already have an account?
Interested in customizing your subscription with Law.com access?
Contact our Sales Professionals at 1-855-808-4530 or send an email
to [email protected] to learn more.

 

Read These Next

Lean Adviser2. Providing Value to Your Client

About Us / Contact Us / Site Map / Advertise With Us/ Customer Service / Terms of Service/ FAQ / Privacy Policy

Publications

Law Topics

Rankings

More

Law.com

Copyright © 2024 ALM Global, LLC. All Rights Reserved.