Law Practice
Jul. 28, 2009
A Culture of Unaccountability
Law firms’ culture of unaccountability distinguishes law firms from real business, writes Edwin B. Reeser.
As I noted last week, half the equity partners in a large law firm reporting profits per partner of $900,000 are likely making less than $600,000. And now the even harder reality: Their draw is in the range of 50 percent to 60 percent of their actual annual gross. Using a 50 percent current draw or distribution model, that means that their first-quarter income is actually cut to 30 percent of their projected annual income.
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