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Citibanks’ Fourth Quarter Report on Law Firm Profitability: Bleak, But, on the Bright Side, That’s As Good As It Gets

Citibanks’ Fourth Quarter Report on Law Firm Profitability: Bleak, But, on the Bright Side, That’s As Good As It Gets.

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One Response

  1. Readers of Charles Handy would recognise the turning point in his sigmoid curve. What made you great will not keep you there.
    The model has worked fantastically well for the last 30 years – but we are moving into a new world.
    Throwing more people (cost) at the market and hoping for the best is a good way to accelerate the downslope.
    True leaders and innovators will find the path to further success with a different combination of knowledge technology and experience. But it will require strong leadership with insight and bravery.
    Followers and me-too firms will struggle.
    Sadly insight and bravery are at a premium in law firm leadership -and often not appreciated within the partnership.
    Increasing costs in a turning market (see the last three Citibank reports) is a recipe for deep unhappiness- especially give the state of manybalance sheets.
    Jerry’s clients are very different from ours in scale and nationality – ours are smaller and UK based. But the financial and management issues are very similar. And the choices just as uncomfortable.
    The role of Managing Partner can be very isolated. And it is not going to get any easier.
    A partner of mine coined the phrase “If the partners don’t get it, they won’t let you fix it”. In too many cases, they don’t, so they won’t – and by the time they do get it, it may be too late.
    Our strapline is now “Helping Independent Law Firms Stay Independent” – but many firms need to do so much more to help themselves.

    Jerry’s article should be mandatory reading for partners at all firms of substance!!

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