The ability to place ex-staff in prestigious positions is thus one of the prerequisites of a successful churning strategy.

high level of expertise is still required, and efficiency is not irrelevant, but extensive experience with similar problems is worth more to the client than an extra degree of intellect or a few dollars of savings.

productivity is the simple multiplication of its utilization times the average (realized) fee per hour. Again, we need to make the distinction between hygiene and health. A firm’s average chargeability (or utilization), which most firms appropriately monitor very carefully, is predominantly a short-run issue.

“People don’t care how much you know until they know how much you care”—

FIGURE 2–1 Spectrum of Practice

Training approaches would become increasingly formal with greater use of out-of-hours classroom…

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procedures and mechanisms to assure the quality of the work they produce: review committees, senior-partner oversight, documentation of working papers. However, relatively few have given much attention to improving the quality of service.

focusing the collective efforts of the firm’s principals around carefully chosen areas of experience would…

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three categories described here are, of course, only points along a…

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