There is an easy way and a hard way to develop a good client base in the legal profession. The hard way is to work extremely long hours and be phenomenally good at what you do. I have met a few people who have done it this way, but not very many.
Tag: law firms
Law firms being partnerships, someone must decide how to split the pie at the end of the year, and except in some small firms, the pie is rarely split evenly. The task of deciding how large a slice of the profits should be given to each partner in medium and large firms usually falls to the compensation committee. One might think that the compensation committee would consist of human resources professionals with specialized knowledge in evaluating job performance, and perhaps that is the case in some firms, but in many firms the primary qualification for membership on the compensation committee is a large client base and big billings.
Whenever someone makes a pop culture reference to the 80’s, 90’s or 2000’s which I don’t get, I always say, “I was busy working.”
The “organizing principal” and basic building block of law firm economics is the billable hour.