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Milking a Cash Cow
With all of the reporting capabilities of sophisticated time and billing systems, it is easy to lose sight of the most basic rule of law firm economics: Cash in must exceed cash out. To that end, one of the most valuable assets any business can have is a cash cow. Yet, we find that many law firms never benefit from practices that could be cash cows because they just don't seem to understand the concept. I know, it sounds pretty simple ' bleed as much revenue as you can out of practice areas in which your firm has a dominant position. But, somehow, we keep screwing it up.
Basic Concepts
For the record, the concept of cash cows was developed 30 years ago by Bruce Henderson, founder of Boston Consulting Group. He suggested that business units (for our purposes practice areas) could be categorized by their comparative growth rates and share of the marketplace (see Figure 1). By market share we are talking about the degree to which a specific practice of a firm is recognized as having a dominant position in a city or region (or ' best of all worlds ' nationally or internationally) and has a big chunk of the available client work in that specific practice. The growth rate, on the other hand, indicates how rapidly dem- and for the service is increasing.
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