AM FREQUENTLY asked to identify the single most important performance factor as it relates to the financial well-being of a law firm. But the reality is far from the simplistic notion that by finding a “single silver bullet,” be it hours, rates, realization, collections, headcount or expenses, lawyers can focus their available energies on that factor, maintain their active practice and be confident that the financial results will meet their expectations.
As law firms first began to feel the impact of last year’s recession, which became exacerbated for many as a result of the Sept. 11 events, law firms reacted by scrambling to protect the bottom line. This response could have been avoided. If a firm diligently lives by certain rules, it is better able to handle fluctuations in business. And, living by these certain rules is a continuous process, not merely a sometime event.
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