In this episode of The Legal Edge, Rob Rosasco sits down with Tim Corcoran, one of the most respected voices in the business of law. As a consultant, speaker, and former law firm executive, Tim helps firms rethink their models, align their operations, and unlock their profitability. This conversation dives deep into what's broken in traditional law firm operations, why the billable hour model hurts firms more than clients, and how partner incentives often work against firm success.
Tim shares insights from his decades of experience working with hundreds of law firms, revealing recurring patterns that hold firms back and the strategic shifts that can transform them. From compensation structures that actually align with firm values to the metrics that matter most, this episode provides a blueprint for law firm leaders ready to think like CEOs rather than just practitioners.
Timestamps:
00:00 Introduction to The Legal Edge
01:00 What's Broken in Current Law Firm Models
02:00 The Billable Hour Problem: Why It Hurts Firms More Than Clients
04:00 Risk Aversion vs. Innovation in Legal Practice
06:00 Learning from Other Industries: Disruption Roadmaps
09:00 Case Study: Transforming Partner Incentives
15:00 Measuring What Matters: Beyond Billable Hours
19:00 Matter Profitability vs. Firm Profitability
22:00 Client Retention and Cross-Selling Metrics
25:00 Aligning Compensation with Firm Values
28:00 Marketing as Strategic Driver vs. Separate Function
32:00 Marketing vs. Business Development: Key Distinctions
38:00 The Future of Legal Services and Innovation
43:00 Corporate Ownership and Private Equity in Law
46:00 The Mindset Shift: Partnership Success Over Individual Gain
48:00 Leadership Gaps in Managing Partners
51:00 Book Recommendations for Law Firm Leaders
Connect with Tim:
Website: https://bringintim.com
Email: tim@bringintim.com
LinkedIn: https://www.linkedin.com/in/tcorcoran/
Connect with Rob: