BTI Consulting recently analyzed over 300 law firms to identify the key characteristics shared by the most profitable law firms, observing that while “rates can help…the outsized profits come from behaviors, strategies, and culture.”
On the client side, these behaviors include concentrating the firm’s focus in certain practice areas or industries, targeting clients that tend to have a continuous stream of work, and proactively engaging with and discussing the clients’ business, even before active matters arise.
BTI also found that the most profitable firms encourage socialization among partners, in order to create a collegial environment that encourages cross-selling and collaboration for increased business development. They conclude that “the more you can push the behaviors and strategy into the culture–the better your profits.”
See the other habits and read more here.