The Truth About How Law Firms Make Money (And Why You Should Care) with Colin Cameron

Colin Cameron, CPA, CA, takes us through the basics of law firm compensation and profitability and why it's important for law students and new lawyers to understand how billing rates and recording time tie into profits. We discuss the evolution of the business of law, the emergence of law firm business professionals, and how new lawyers can learn from them. Colin Cameron is the founder of Profits for Partners, Management Consulting Inc. Colin has been advising professional service firms for more than 35 years and in his previous role as COO, he led his firm to become one of the most profitable firms in British Columbia.He is a management consultant and advises law firms in the following key areas related to profitability: Profitability improvement, strategic planning, firm governance, partner compensation, financial management and operations management.Episode notes:Colin's blog: www.lawprofitability.comProfits for Partners: https://www.profitsforpartners.com/Author David Maister: https://davidmaister.com/books.mtpsf/