Category Archives: Law Firm Economics

Multi-Sourcing Legal Services

In the current economic environment, especially, General Counsel resist paying high fees for routine, repetitive functions. They realize that some tasks don’t require lawyers, or at least high priced lawyers in traditional law firms, to complete them. Therefore, in order to hang onto as much business as possible, smart law firms minimize the cost of…
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Pumping Up Profits Per Partner

Law firm financial data seldom was discussed publicly before law became big business. Today, however, the legal press ranks the largest US law firms on the basis of gross revenues and other indicators such as revenues per lawyer and profits per partner. (See the American Lawyer’s annual AmLaw100 and 200 rankings and the National Law…
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Law is Big Business

Over the past 30 years or so, the practice of law transformed from a genteel profession to big business. Lawyers became profit centers; law firms grew and consolidated; technological advances sped up and commoditized the work; competition increased; loyalty between lawyers and law firms and between law firms and clients decreased; and more nonlawyer professionals…
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Across the Sea: Outsourcing and Offshoring

Once the legal profession accepted the concept of engaging contract attorneys to handle some of the more routine and repetitive tasks of law practice, outsourcing and offshoring could not be far behind. Outsourcing is the practice of paying a third-party vendor to do some aspects of your firm’s work, while offshoring is establishing your own…
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