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Joshua Lenon
[THREAD] Just disseminated my thoughts on the 2018 Report on the State of the Legal Market by & to . I think there is one point I raised that also deserves public discussion. How Peer Monitor measures productivity is wrong, and here’s why.
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Joshua Lenon 11 Jan 18
On page 5, the report defines law firm productivity as "the number of billable hours worked by lawyers divided by the total number of lawyers."
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Joshua Lenon 11 Jan 18
Productivity in business is units of output / unit of inputs. You can read more on it in this article here:
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Joshua Lenon 11 Jan 18
Peer Monitor seems to think that lawyers’ hours are outputs, and the number of people working are the inputs.
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Joshua Lenon 11 Jan 18
Ask any client what they purchased from a law firm. I would be shocked if any client responded that they purchased the production of lawyers churning time.
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Joshua Lenon 11 Jan 18
Clients purchase value, certainty, and guidance. That may be a merger agreement, securities documentation, litigation labor. Clients purchase outcomes, not hours.
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Joshua Lenon 11 Jan 18
Peer Monitor and Georgetown do a service to the legal industry in producing this report. They do a disservice to the industry by this wrong definition of productivity. It wrongly assumes law firm partners are the end customers in the legal profession, and not our clients.
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Joshua Lenon 11 Jan 18
Lawyers, your value to clients is not what you bill. Your productivity should not be measured in hours, but in outcomes. [END THREAD]
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Fay Sheridan 25 Apr 18
You r correct from economic theory perspective. But, when IT WAS a seller's market, then 2 a certain extent was not barking up wrong tree. However, IT IS NOT a seller's market anymore (funny how that works out) & client's have the leverage 2 correct
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