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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.
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.
By Dan Packel
Law Firms Partner With the Big Four to Serve Their Clients, But the Accountants Pose an Existential Threat. What Will Happen If — or When — They Turn Competitive?
For law firm leaders, rank-and-file partners and everyone else in the law firm ecosystem, the Big Four shouldn’t be a laughing matter. They are serious about selling legal services, and clients are listening.
By Bill Josten
“You have to spend money to make money.” Or, so holds the well-worn cliché. Nevertheless, for those firms struggling to find meaningful growth in today’s market, where do they find the funds they need to spend in order to spur growth?
By Scott McFetters
Advanced technology isn’t free. Outfitting your team with equipment that will move the needle can require an impossibly large capital outlay. The solution may not be, therefore, to purchase all that gear. It may be to lease or finance it.
By Lawrence L. Bell
The rule, overseen by the DOL’s Employee Benefits Security Administration, modifies the definition of “employer” under ERISA regarding entities that could sponsor group health and benefit coverage.