Any focus on the profits of large commercial law firms traditionally zeroed in on the role of fee-earners billing by the hour for black letter law advice. In cricketing terms, these lawyers are out there piling up runs – the equivalent for the players of turnover and profits per equity partner in the law.
But this roundtable reflects a growing appreciation of the contribution other roles make in supporting profitability and growth. The premise of our discussion is that functions such as compliance and the general counsel’s office, communications, operations and technology – none of them time-recording – are essential ingredients. In the case of technology, they include services that can generate fees beyond the traditional model of fee-earning.
For today’s group, the discussion begins with reflections on something the client does not directly pay for, but would notice the absence of: leadership.