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Top Law Firms Look to Invest Profits In Future Success
When Fenwick & West chair Richard Dickson looks back at his firm's outstanding growth in profitability over the last several years, he finds the story isn't necessarily about certain practices delivering outsized results. Corporate work and litigation have both been on an upward trajectory, but it's easy for any law firm leader to say he's focused on growing these twin engines.
For Dickson, whose firm focuses on technology and life sciences, the credit goes a little deeper: "Often, the deliberate choices are by partners within practice areas about what work to take on," he says.
The ability to identify the upside and downside of these decisions doesn't necessarily come naturally; it's the result of a conscious and substantial investment. "We're educating them on budgeting, profitability and a broader set of factors," he adds. "Over time, that's led to the disproportionate growth of our most profitable practice areas."
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