Being a successful lawyer and running a successful law practice are two different things. The first speaks to your talent, training, and experience; the second requires an entirely different set of business skills.
What's inside
Twelve parts, from what a firm actually costs to run to where the profit leaks out. Here is the shape of it; the PDF has the figures, the benchmarks, and the worked examples in full.
Payroll and benefits, office and equipment, insurance and bar dues, taken line by line.
What each role in a firm actually means, past the version in books and television.
What an associate costs a firm, set against NALP salary survey data.
How the money is tracked, forecast and kept under control.
Vision, current and forecast market trends, and the marketing plan inside it.
Whether a physical office is still a necessity, given the tools available now.
The love hate relationship with the billable hour, and what else is on the table.
Which work leaves the firm, and which should not.
What running your own firm changes about your tax position.
Finding new clients and generating more revenue for the firm.
What the wrong client costs you, past the unpaid invoice.
Where to put money back in, and in what order.
This would mean if the associate is expected to bill and collect 1,800 billable hours, their hourly rate would be calculated as $496,600 / 1,800 hours = $275 per hour.
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