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With the march of technology, law firms face a profit problem if two trends persist. The first trend relates to how firms charge for their services. Recent Acritas data reveals that time-based pricing still predominates across the legal market. This includes both billing retrospectively via hourly rates as well as upfront capped or fixed-fee pricing based simply on an estimate of time multiplied by hourly rates. The second trend relates to investment and advances in…
BigLaw partnerships’ productivity lesson for big corporates was first published by Joel Barolksy, a prolific contributor to Dialogue, as Law firm partnerships could give BHP a productivity lesson, an opinion piece published in the Australian Financial Review on 6 September 2019. CEO Andrew Mackenzie and the top 200 global executives at BHP Billiton do not dig for iron ore, or cart coal, or drill for oil. They are 100 per cent dedicated to the task of leading and…
I published a shorter version of Stop trying to differentiate your firm in The Australian Financial Review on 3 May 2019 and later the full text as on my blog, Relationship Capital. Editor: Joel provocative opening paragraph struck a nerve: “99% of Australia’s full-service law firms have a strategy based on seeking clear market differentiation. In my view, they’re largely wasting their time and money.” So it’s a pleasure to bring the full text to readers…