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 out those questions about widget-making weren’t just built for law firm hypotheticals.

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If you need a plan to advance your revenue for the rest of the year, we can help.

The Wyoming State Bar offers free law practice management consulting services through Red Cave Law Firm Consulting.

To request a consult, visit the Wyoming State Bar’s law practice management page, and start running your law firm like a business.

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