- Cut the amount of time it takes, or
- Reduce the cost of time.
The first option is the focus of much discussion right now, especially related to LPM and process improvement. The second approach has had much less attention (if any) and requires:
- paying people less,
- giving people less resources to do their jobs, or
- pushing work to lower cost labor sources (a.k.a. leverage).
In the next post of this series, I will peal back the layers on these two approaches and explore the potential of success using them.
- increase the number of hours it takes to deliver, and
- increase the price of time.
So for law firms to succeed in this emerging market dynamic, they should focus first on changing these attitudes and structures. Compensation is an obvious place to start, but also the most daunting to change. Messing with someone’s income is never taken lightly. Yet if it isn’t address, that income will increasingly become jeopardized because clients are not concerned with how firms pay their people.