Unsound Management Lowers a Firm's Income

Many attorneys take comfort in the notion that, like the legendary shoemaker, if they work hard for their clients, the business end will take care of itself; they are too busy with client affairs to look after their own administrative and financial matters. But the primary cause of many of their problems results directly from their own doing. Many attorneys, highly trained and skilled in substantive areas of law, regard their prime mission in life to be of service to their clients. When this attitude is coupled with the belief that firm administration is a “necessary evil,” the situation often leads to the neglect of the business affairs of their law firms.

Frequently attorneys join firms to achieve benefits that would not be possible if they were to practice on their own. These benefits include the opportunity to consult with one's partners; to acquire a diversity of skills; to take advantage of the accumulated experience and reputation of a firm; to attract larger and more prestigious and profitable clients; and to benefit from the economy of size through more efficient and effective management practices, systems and services, etc.