With all of the reporting capabilities of sophisticated time and billing systems, it is easy to lose sight of the most basic rule of law firm economics: Cash in must exceed cash out. To that end, one of the most valuable assets any business can have is a cash cow. Yet, many law firms never benefit from practices that could be cash cows because they just don't seem to understand the concept. It sounds pretty simple -bleed as much revenue as you can out of practice areas in which your firm has a dominant position. But, somehow, they keep screwing it up.
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