Most legal firms struggle with their profitability because they simply don’t earn enough revenue for the amount of labour they pay for.
Did you know that that if your professional staff only charge out 4 hours per day, they are only billing out 45% of the hours that you pay them for in a year? It’s even worse if they are writing off some of their time. In most legal firms, there is a minimal recovery of legal support staff time. If you only recover 2 hours of your legal support staff time, then all up, you are only billing out 33% of the hours you are paying for, when combined with your professional staff. That’s right, only 33%.
This month’s Grow Your Law Firm webinar will show you why this is so, and what you can do to drive improvement in profitability.