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Transforming Practice Areas into Profit Centers

By Joel A. Rose
Many larger firms have had long experience in systematically managing practice areas, and are now focused on optimizing profitability from each area with the aid of enhanced benchmarking tools and business intelligence software. But for many midsize firms, practice area management has not expanded beyond its original quality-assurance role, leaving largely untapped its potential for improving firm profitability.

Transforming Practice Area Management

Managing partners in many firms have historically relegated the practice of law to individual partners and have been reluctant to impose their judgments on how individual client matters were being performed. This resulted from the belief that lawyer management should not have to follow up on partners responsible for performing client work or for managing substantive practice areas.

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