Law firms as a business

[Jaysen]

Hi everyone

I came across this helpful guide about how law firms operate as a business and thought I'd share. It covers things like:

• how law firms are structured
• how law firms charge clients and make money
• how law firms use leverage and working capital
• how law firms compete
• the future of law firms

It's a few years old but most of it should still be relevant. Here's the link: https://drive.google.com/file/d/1yyz-u2rJ5U-uwj86T0WVd_rXo1Hz-YAt/view?usp=sharing

 

[JoshMason]

Thanks for this. Someone sent me this. It's really detailed and can be a bit confusing at times but it covers a lot of the stuff on how law firms work:

https://research.legalservicesboard.org.uk/analysis/supply/static-market-analysis/business-models/
https://research.legalservicesboard...market-financials/turnover-and-profitability/
https://research.legalservicesboard.org.uk/analysis/supply/charging/
https://research.legalservicesboard...y/static-market-analysis/market-segmentation/
https://research.legalservicesboard...tic-market-analysis/distribution-of-services/
https://research.legalservicesboard.org.uk/analysis/supply/competition/

Sorry this is a bit overkill!

 

[JoshMason]

There is some really good stuff in this report I'm reading about how law firms get clients and market themselves:

 

[Nicole]

There is some really good stuff in this report I'm reading about how law firms get clients and market themselves:

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This is an excellent find Josh, thanks for sharing! I've had questions in the past about what law firms can do to differentiate themselves and this is a perfect resource for that question.

 

[MightyMoe]

There is some really good stuff in this report I'm reading about how law firms get clients and market themselves:

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I'm literally doing a question on this at the moment. Thanks so much!