Many lawyers in solo and small firm practice insist that law is a “profession” and not a “business,” an attitude that is ingrained in legal training. Lawyers typically enter law school with an undergraduate degree in the liberal arts. Law school curricula have little business focus, and too many legal educators consider any business training to be trade-oriented and therefore beneath them, an attitude that is perpetuated throughout a lawyer’s lifetime. The result is that lawyers fail to understand the operation of the firm as a business, with a budget, collections, profit and loss. Not surprisingly, this leads to the business failure of too many firms.
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