Leadership for Lawyers

Leadership for Lawyers

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  • Leadership for Lawyers is a blog focused on issues of leadership, practice management, and marketing for professional service firms.

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May 25, 2012

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Timothy B. Corcoran

We may not see the end of the billable hour, but law firm leaders are waking up to the notion that this is just one way to generate profits. Every other business segment employs some version of the "learning curve" to generate profits, which is merely a continuous pursuit of lowering the cost of goods sold, which comes through experience. This approach will boost profits even when revenues are flat or declining. So the lawyer who thinks he has to double his productivity to earn the same revenues misses the point - if what we're solving for is profit, then he might be able to accomplish the same profit by embracing efficiency. There are many law firm leaders who confuse revenues with profits and that therefore pursue mergers or lateral growth because the leaders believed adding more billable capacity is the only way to increase profits, and the tales of the resulting disasters fill our in-boxes every day. They are wrong.

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