From the National Law Review:
Law Firm economics can be confusing, especially since there’s a lack of quality content on the net. It’s not something that is taught in Law School nor is it black and white as to how time and effort affects revenue minus expenses to then earn a profit.
But how do you measure profitability for a boutique law firm? There are no widgets to sell, only time and knowledge. Because you are selling time and knowledge, there aren’t the usual expenses that go into making a widget that you need to deduct.
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