‘Accommodation: Making Money in Legal Services Is About Finding More Time to Work’
The notion of a ‘factory practice’ gets a bad name among lawyers, who retain a burning desire to exist as white tower intellectuals. Conversations about revenue and efficiency only get in the way of a good conversation about Supreme Court cases from the late 1880s. Ah, the Gilded Age, indeed.
But, really, it’s the law firms that can accommodate the most work, that make the most money.
Lawyers often think it’s pricing, that makes them money. It’s not. In specific geographic areas, for specific practice areas, lawyers charge about the same, across the board.
What really separates the law firms that make the money versus those that don’t (make as much of the money) is how many widgets they can make. In an environment where legal services is becoming commoditized, and in which consumers continue to exhibit increasing price sensitivity, it only makes sense that efficiency would be the ultimate answer.
So, yeah: the more your law firm functions like a factory, the more like an assembly line your workflow becomes, the more money you’ll make.
If revenue generation is the primary objective of your law firm (which for about ¾ of attorneys, it is), then efficiency is the byword by which you need to run your practice.
It turns of those questions about widget-making weren’t just built for law firm hypotheticals.
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