Wherever you are in your legal career, it is imperative to know the basics of law firm economics. Many people on the outside of the legal world see law firms only as depicted on the latest television legal drama and do not know that a law firm actually operates like a business. Much like any business, work that is generated on a day-to-day (or, in your case, hour-by-hour) basis is how the firm ends up making money. We want to give you a breakdown of how revenue is actually generated in a law firm and how an understanding of these concepts will help you in your decision on where to use your legal talents, as well as in your ultimate day-to-day practice.
This month, we are taking a deeper dive in to BigLaw Economics. Make sure to check out the recommended reading available here.
Check back in for a few important points about how law firms actually generate profit and the important impact that you can have!