Some years ago, there was an automobile manufacturer whose products had developed a reputation for breaking down. Rather than re-engineer the products, it launched a major advertising campaign touting the quality of its vehicles.
Whenever someone makes a pop culture reference to the 80’s, 90’s or 2000’s which I don’t get, I always say, “I was busy working.”
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When Does Size Matter?
I practiced with a medium sized firm in Mississauga, Ontario, which many of you may be surprised to know is the sixth largest city in Canada, just after Edmonton and ahead of Winnipeg and Vancouver. Back in the late 1980’s and early 1990’s several Toronto firms opened offices there. At that time, the buzz in the legal profession was that there was no future for medium sized law firms, and they would all be wiped out by the larger firms with their greater expertise. In fact, almost all the Toronto firms closed their offices in Mississauga after a short time, and the local firms have been doing just fine ever since.
The “organizing principal” and basic building block of law firm economics is the billable hour.
It is common knowledge that you do not learn anything about the business of practicing law in law school.
So, here are ten things that every law student or recent graduate should know: