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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.
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By Rob Mattern
A Look Back from the Future
If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
By J. Mark Santiago
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
By Lawrence L. Bell
The COVID 19/Pandemic/Shutdown has caused turmoil and upended benefit planning.
By Dan Packel
Economists are increasingly gravitating to the concept of a “K-shaped” recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that “K” may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.