In my involvement in management of 1211 small-medium law firms in the last quarter of a century I have come across a wide range of reasons why law firms regularly produce pretty ordinary levels of profit...
From time to time in my posts I'll address the leading reasons law firms often fall short on real profit after principals' salaries...
Today's profit trap for law firms...
Assuming improvements in profit can usually only be incremental...
Wrong! Wrong! Wrong!
Most law firm principals and managers assume they have done the majority of things "fairly well" already, and just need to find a few novel ways to tweak a few things to edge profit up a bit...
Q: Why the profit-killing assumption?
A: It's human nature not to start from an assumption that we've mucked up most of the important things to date!
In my experience most law firms will have some key elements of the main game badly wrong...and as soon as they are fixed, and they're obvious to someone experienced and usually common sense rather than novel...profit can leap forward in ways never imagined to be possible...
Rob Knowsley LLB...lawyer, management consultant, motivational speaker, educator, dedicated to applying 48 years professional and business experience to help determined lawyers get the most from their skills. Established KMS 34 years ago...now advised 1380 Australasian law firms. Available to assist a select group of small firm lawyers serious about true excellence in their firms. Email...rknowsley@gmail.com or find me on Linkedin.
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