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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 J. Mark Santiago
This article focuses on what a firm can do now that will improve future firm economics regardless of what the future may hold, identifying three areas that offer the great opportunity for improving a law firms’ economics and better positioning them for whatever the future may bring.
By Daniel Mayo
The Fifth Circuit Court of Appeals recently issued a decision that explains some of the requirements for deducting litigation expenses. The facts of the case are bizarre, but the controlling legal principles are not.
By Julie Savarino
Part Two of a Two-Part Article
By David Altuna and Gretta Rusanow
The legal industry saw greater revenue growth during the first quarter of 2019 than it did to start the strong year of 2018. However, the drivers of that growth were much different, as the demand growth that characterized 2018 gave way to a demand decline during the first quarter of 2019, and much of the revenue growth came in the form of cash collections from 2018 inventory.