James Palmer’s column on Oct. 17, 2024 in Corporate Counsel, noted that “GCs Struggle to Grasp Scattershot Nature of Law Firm Rate Hikes.” Jason Winmill of the Argopoint consultancy described this as “utterly bewildering.
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.
By
Alex Geisler
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