Law Firm Economics


Clients find it preposterous the way we compensate associates. They simply do not understand how a compensation system can be divorced from performance factors. And by performance factors, I should hasten to add, I don’t mean billable hours. You can – I think you can have – well, I know because I’ve seen these people in action, I’ve worked with them – you can have somebody who bills 1,800 hours a year who’s really an excellent lawyer and somebody who bills 2,200 who’s just putting in the time and punching the clock, as it were.

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If you do have an entrepreneurial bent, I think you will find that there aren’t too many people like you in big law, and you’ll either lose your entrepreneurial bent or you’ll leave. And frankly, we need a lot of entrepreneurs in the country right now, so I’m hoping most of those people leave. 


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