News
“Margin not billing is key” for lawyers
- 12th October 2011
The legal profession is dominated by ‘billing’, the amount each lawyer is able to charge for their services. James Holder, the new chair of Global BPO claims “law firms competing as fiefdoms, where annual billing is often seen as the only measure of worth, have to become a thing of the past”.
With the opportunities now posed by Alternative Business Structures (where non-lawyers can manage or own a law firm), investors looking to get involved with law firms will be paying close attention to the ‘bottom line’.
For future lawyers, gaining an understanding of how law firms work and what will affect the industry in the future is a crucial part of demonstrating your ‘commercial awareness’.
-
