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Law Firm Profitability: The Art and Science

The Manner in Which Law Firm Leaders Measure Profitability Has the Potential to Have a Profound Impact on Behavior and Motivation, Particularly As More Firms Integrate This Metric Into Their Compensation Systems

The manner in which law firm leaders measure profitability has the potential to have a profound impact on behavior and motivation.

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The manner in which law firm leaders measure profitability has the potential to have a profound impact on behavior and motivation, particularly as more firms integrate this metric into their operational management and compensation systems. Yet the nuance involved in establishing profitability metrics opens the door for even the most well-intentioned to encourage and incentivize the wrong behaviors. In a competitive market, firms chasing the false profits of production will quickly be left behind. As law firms continue to embrace and deploy profit metrics, it is essential lawyer leaders — and not just their business advisers — truly understand the implications and risks involved in their decisions, every step of the way.

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