James Palmer’s column on Oct. 17, 2024 in Corporate Counsel, noted that “GCs Struggle to Grasp Scattershot Nature of Law Firm Rate Hikes.”
Creating an LPM Function Is the Start — Implementing It Is the Goal
On the one hand, Big Law is locked in this endless struggle to compete on metrics: revenue per lawyer; billable hours; realization rates, and of course profit per equity partner. The fact that these are all the wrong metrics to define success is a separate discussion. On the other hand, many of these firms don’t have profitability models. And even those who do, struggle to implement them. This is super-important, so let’s break this down.

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