With increased competition among law firms, business development is a top priority. To maximize revenues, many—if not most—law firms incentivize rainmakers via compensation models which encourage business development. They track originations as a way to reward those who bring in the most business. Historically, however, the most profitable U.S. law firms never tracked originations. They…
The size of the candidate’s book of business is not the controlling factor in determining the success of a lateral partner hire; rather, profitability is the key concern. A $5million book of business is not worth the same to every law firm’s bottom line, and the calculation depends upon several factors. The true value of…
Billing by the hour remains central to private law practice despite its adverse impact on client service and lawyers’ quality of life. More than two decades ago, a 2002 ABA Commission on Billable Hours study discussed the negative effects of hourly billing and urged alternative billing arrangements. Most lawyers in practice today consider hourly billing…
