Recognition that the lists produced that track the top law firms based on income size does not necessarily equate to the best managed or most successful firms is starting to hit home. The problem from a technical perspective however is that the practice management systems used by the majority of law firms tend to track the old favourites of chargeable activity, billings, recovery rates, debtors and WIP; all very useful financial indicators in their own right, but unfortunately is not what is absolutely fundamental to businesses because it is generally very difficult, if not impossible, to attribute specific costs (direct or indirect) to particular clients, matters or individuals through use of these PMS. Click here to read more…
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