American Lawyer: Josh Lorentz Comments on Legal Profitability Strategies
The American Lawyer published an article this week on law firms increasing their reliance on teams and software that measure profitability. Dinsmore Intellectual Property Department and Finance Committee Chair Josh Lorentz spoke with the publication for the piece. Read what he had to say below.
Josh Lorentz, a partner at Dinsmore & Shohl and chairman of that firm’s finance committee, said pricing analysts are “becoming a bit more mainstream.” He said he knows of at least one Am Law 100 firm with five analysts who are tasked with evaluating profitability metrics.
He said Dinsmore hasn’t dipped into that pool yet. “But as we continue to grow and as we continue to get opportunities for large pieces of work, I think there’s some momentum here. These things may require more examination, for sure,” he said in an interview.
He said it’s not just a firm’s own desire to get more efficient that pushes such changes. The pressure comes from clients as well.
“In the corporate world, they’re pushing it. They want the best possible legal services at the right cost and with the right relationships,” he said. “And the firms that can figure out the right costs and are good at building those relationships, they’re going to get that work.”
Lorentz added that Dinsmore is always looking at software upgrades to help with pricing questions.
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