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Maximising Law Firm Profits: Insights from James Markham

James Markham

An impromptu chat with David Woolstencroft, of People in Legal, when we were both at LegalGeek last year, in which we cantered through my career, the importance of commercial skills for lawyers and the key components of The Legal MBA.


We covered:


  • The importance of understanding how law firms generate revenue.

  • The need for lawyers to develop commercial skills alongside technical legal skills.

  • The role of interpersonal skills in a successful legal career.

  • Challenges faced by law firms, such as wage inflation and the necessity to adapt fee models.

  • Strategies for smaller firms to compete against the bigger firms, through specialisation.


Interesting discussion towards the end where David said that as a buyer of legal services, he wants to have the commercial conversation about money, what the options are and what the commercial impact will be - not just receive the legal advice.




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