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Demographic Analysis: Foreshadowing the Future of Your Law Firm
In law firm management audits and strategic planning, an objective demographic analysis can be a very important analytical tool. On a firm-wide and practice group basis, charting firm demographics can provide a substantive foundation for conclusions about the current standing of a law firm, and sometimes, provide the genesis for startling insights about the short- and long-term strategic position of a law firm, individual office, or practice group.
Lawyer expertise in the practice, in management and in business development can vary markedly, but acumen generally grows and correlates with experience. Unfortunately, very few lawyers graduate from U.S. law schools fully prepared to excel in the practice, let alone in the business of law. Experience ' “time in the trenches” ' is required to advance in: the practice itself; managing the practice; relating to clients, their businesses and legal matters; developing clients; and managing the business of a law firm and a practice group.
Charting a law firm's demographics can help a firm plan for its future, and the same can be said of individual offices and practice groups. One simple use of this technique involves charting a law firm's lawyers based on years since first bar admission.
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