Law firms, regardless of their size and revenue, already had basic business teams - accounts and IT and may be administrative. With the increase in awareness about running law firm as a business, the law firms are increasingly taking corporate style avatars with specific business teams managing specific functions. Finance manages finance controls including investments in technology, HR manages people and performances, Business Development and Market Communications managing publications, branding, PR, and Innovation manages technology. Then who is managing Practice? Practice Management is not new and certainly doesn't replace these teams or their functions. Practice Management does not generally own client origination. Its contribution to growth is different - understanding how the practice is performing and providing the operational information that helps Partners steer the law firm's business and make better growth decisions. At its broadest definition, law firm Pract...
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