Fundamentals of Revenue, Compensation, and Profitability
Learn the basics of how law firms manage revenue growth, compensation, and profitability.
Welcome to Fundamentals of Revenues, Compensation, and Profitability! In this lesson, we'll begin learning how to manage client matters to make each engagement as profitable as it can be. To that end, we'll survey the six main law-firm profit boosters, or revenue drivers, and how they impact a firm’s bottom line. Finally, we'll talk about attorney compensation, which is a key factor in any law firm's overall profitability.
What are profit boosters? Generally speaking, as the term suggests,...