Ed. note: Welcome to our daily feature, Quote of the Day.
Discipline is the name of the game in most firms that outperform their peers. That means discipline in revenue generation and expense management. Given that the largest single expense for law firms is compensation, it makes sense to regularly manage capacity, and therefore control expenses, as a matter of course as demand and other drivers fluctuate.
— Kent Zimmermann, a consultant for law firm strategy and management at Zeughauser Group, in comments given to the American Lawyer on the reason why some law firms must conduct layoffs from time to time in order to maintain their status quo.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.