Your 50-attorney firm has been operating slightly under capacity; there is not enough work to keep all attorneys billing their standard hours. A prospect would like to engage the firm to handle all its litigation, which would mean a substantial number of guaranteed billable hours.
Basics Revisited: Evaluating The Profitability Of New Work
Your 50-attorney firm has been operating slightly under capacity; there is not enough work to keep all attorneys billing their standard hours. A prospect would like to engage the firm to handle all its litigation, which would mean a substantial number of guaranteed billable hours. Good news, right? This company, however, wants to negotiate a discounted rate and also wants specific partners to handle the work. Your initial instinct tells you to take on the work to keep the firm at maximum capacity. But will it be profitable in the long run? Should you take on the work? How can you decide?
By
Jeffrey H. SteinbergThis premium content is locked for Accounting and Financial Planning for Law Firms subscribers only
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