The First Great Myth of Law Firm Management is that it Exists

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By Ed Wesemann | Jun 12, 2014

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If there was a handbook for members of law firm management, it would be The First Great Myth of Law Firm Management is that it Exists. Dealing with the tough topics that managing partners worry about but many consultants are afraid to tackle, The First Great Myth– collects some of Ed Wesemann’s most popular articles from publications around the world, including his famous monthly e-mail columns. Some of the topics covered include: Firing Unprofitable Clients: Many firms get so busy pushing hours and rates that they overlook a critical review of their clients as an opportunity to “pick some low hanging fruit”. Ten Terrible Truths About Law Firm Strategic Planning: Law firms have trouble implementing strategic plans because it is a flawed process from the beginning. Valuing Management: Law firms aren’t really mismanaged – most aren’t managed at all. That’s what you get when you have volunteers running your business. Taking the Easy Way Out: Non-equity Partnerships: Many firms think that by making non-equity partners they have solved their problems with unproductive partners and associate leverage. Wrong! Ten Terrible Truths About Law Firm Compensation: Some law firms equate compensation with management as if lawyers were commission-based aluminum siding salesmen. It’s time to take a new look at the way we pay people. Hitting the Wall: Six Rules to Managing the Mega Practice: Most major business developers top out at about$3 million in annual billings. It’s time to help the elite billers manage their practices. Knowledge Management: The Emperor Has No Clothes: For most law firms, all of the money and effort spent on knowledge management is a waste of time. For anyone to benefit from KM, law firms have to change the way they do business. Pricing to the Market: Some clients are more price sensitive than others. It is possible to identify the clients who are willing to accept higher rates before you send the bill.