May 2007

By Melchior S. Morrione

Why do so many lawyers know so little about the economics of practicing their profession? Not surprisingly, it’s because their law school education did not address any of the business aspects of practicing law. So most young lawyers join law firms with little understanding of how they operate and without a clue as to what it takes to make a law practice successful and profitable. Many lawyers, especially those who join large firms, manage never to master these concepts — and in many cases work hard at avoiding them.

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