Law360 interviewed Co-Founder Mark Jungers for the article “5 Things Law Firms Do That Waste Time,” discussing how law firms can operate more efficiently. One activity that many firms spend unnecessary time on is creating committees. “Any committee that is not designed to produce measureable results is probably a waste of time. There’s too much actual legal work to be done at the firm,” Mark said. “If you put 10 lawyers in a room for an hour and a half, it could be $15,000 to $20,000 worth of time.”
Mark advised, “One of the places that law firms waste time is trying to turn everybody into a business developer.” He added, “Time could be saved, and better results could be achieved, if only ‘the best’ associates got special training and opportunities.”
In terms of lateral partner recruiting, he said, “Firms would say that there is a lot of time wasted with lateral partner recruiting. One of the ways that firms are combating this is by hiring a chief recruiting officer.”
Mark concluded, “Law firms have to be more and more efficient every year. You can’t make your rates go up every year equal to the profitability gains that you like to see. If you want to grow in your profitability there are only various ways to do that. One of them is to be more efficient.”