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Conventional wisdom has it that mergers enhance profitability through increased revenues and reduced costs. However, the numbers contradict this view: post-merger revenues are lower relative to competitor firms than are the sum of the predecessor firms’ revenues, and costs per lawyer increase markedly.
The evidence is unambiguous: mergers increase profitability. The merged entities resulting from intra-Am Law 200 combinations climb an average of 23 places in the profit-per-equity-partner (PPP) rankings from the five-years before to the five years after the merger. Average compensation for all partners rises by a comparable amount — 18 places over the same time period.
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By Doug Stansfield
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
By Sharon Meit Abrahams
All lawyers want to be wanted and valued by their firms. It has become apparent that tomorrow’s legal talent requires even more hand-holding than previous generations. They want to understand why and what’s the payoff of their efforts. By creating a firm culture that addresses these concerns you will heighten your firm’s ability to retain precious talent.
By Timothy B. Corcoran
Smart business leaders compete by constantly seeking cost advantages. Yet law firm leaders compete by perpetually increasing associate compensation. As always, this will not end well.
By John F. Hollway
It’s Not the Number of Hours We’re Billing or the Number of Hours We’re Working; It’s the Way We Feel About How We Spend Those Hours That Matters
Working long hours, tracking those hours and feeling that we have to grind all year to hit a specific number of hours to meet a profitability target can make us feel like fungible, dehumanized automatons rather than highly trained providers of specific and thoughtful solutions to complex legal challenges.