The Two Keys to Lawyer Profit (Spoiler Alert: Cost Control is Not One of Them)

It seems like far too long since I've revisited the Grand Unified Theory of Legal Value™ that inspired me to start this blog in the first place. I got a nice reminder, however, from an Inc. Magazine article this month titled The Two Keys to Profit. (unfortunately it appears to be print-only).

The article is a quick one-pager, but it is loaded with important truths that Lawyers should embrace, starting with,

Companies that want consistent high profit should do two things: Emphasize better products or services over lower prices, and focus on growing the top line rather than obsess about cost cutting.

This squares nicely with my assertion that Cost Control is Not the Final Answer. But how can it be true when lawyers continue to feel price pressure from clients who have more choices, more information, and therefore more purchasing power than ever before?

Well, first we can just trust the experts. The article quotes Michael E. Raynor, author of The Innovators Manifesto and The...

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