Economic conditions have forced law firms to focus on the need to address the profitability of their individual offices, practices, and client relationships. Few firms have paid enough attention to
Managing Practice Group Profitability
Managers can no longer ignore the performance of individual practices, hoping problems will correct themselves. Firms everywhere are venturing into various types of reporting and 'profit center accounting,' typically based on the performance of individual practice groups and even specific clients. However, they take a variety of approaches to these analyses, and the differences can cause severely different analytic outcomes.
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