Lessons to be Learned from Taylor English Duma’s Leaner Business Model
This weekend I read a great article from the Atlanta Business Chronicle about a local law firm. The law firm is Taylor English Duma LLP, and they are breaking the mold of a traditional law practice. Which as most of the readers of MOSatlanta.com know, I love when companies break the mold. So, the question that begs to be answer: Can a Commercial Real Estate Firm learn from Taylor English Duma new model? Are there areas in our industry that don’t serve our clients that can be taken out of the model to reduce costs? Can dollars be saved in one area to be invested in innovation in another area? I personally think that the answer is yes to all of these questions. What do you think?
Below is the excerpt from the article:
Four veterans of traditional Atlanta law firms didn’t set up their own shop five years ago because of the recession.
The economy was still booming at the time. But Taylor English Duma LLP’s “new model” approach to pricing, staffing and compensation is well-suited to today’s downsized corporate budgets.
So much so that after breaking into Atlanta Business Chronicle’s list of Top 25 law firms last year at No. 24, the Cobb County-based firm leaped to the 16th spot in the 2010 list published July 23.
“This was a good idea in 2005,” said Marc Taylor, one of the firm’s founding partners. “It’s a great idea in 2010.”
Taylor English Duma is one of a growing number of law firms across America that are overhauling traditional organizational structures in an effort to reduce overhead. The savings they achieve through leaner operation allows them to give price-conscious clients a better deal.
“Cost certainty on the client’s part has become increasingly important,” said Joe Galtonji, managing director in the Chicago office of Hildebrandt International, a leading consultant to the legal industry. “[But] it’s not just the economy. [The recession] is accelerating pressures that existed anyway.”
Taylor said his firm keeps a tight rein over all three cost centers that affect law offices: real estate, staffing and compensation.
He said the firm’s Cobb County location near the…. to read more, please click here
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