Every law firm that is organized on a “for profit” basis professes to strive to maximize profits. Too often, however, lawyers equate maximizing profits with simply maximizing billable hours, ignoring realization rates (the percentage of dollars actually collected divided by the dollar amount billed), as well as the cost side of the equation.
From the perspective of an insurance brokerage that counsels several thousand law firms on managing risk, we have seen focus on the following three areas pay substantial dividends, both in terms of loss avoidance (reducing costs) and getting paid.
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