Post # 889 – July 28, 2021
Focusing on Efficiency and Commoditized Work
Will Have You Seen as Just Another “Vendor”
I happened upon an article concerning a new Law Firm Profitability Survey, wherein the author “highlights the many projects that firms are working on to address profitability.” The article lists 16 different projects like timekeeping practices and inventory management, among the favored strategies. If one were to categorize these 16 into how many were internal versus external focused; and how many were operational versus strategic; you conclude that these firms were all obsessing over various internal cost efficiency tactics at the expense of strategic wealth creation – for example, launching a potentially lucrative new practice niche was NOT identified by even one of the firms surveyed!
The very next piece on my pile was entitled, “Commoditized Work Can be a Gold Mine.” In this article, rather than treating commoditization as a negative, they attempted to advocate that “the profitability of commoditized work has never been more important.” Really? Meanwhile 47% of GCs report that the increasing volume of low value work has impacted morale with many saying: "Is that what I went to law school for?" Combining these two articles one might conclude the future of our legal profession seems to be focused on . . . “making better buggy whips.”
Is that really what you want for your career and for your firm?
Read this Article