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The biggest call to action for law firms is that their market share continues to be eroded by a number of influences and actors in the legal services market.

Although lawyers should read the report in its entirety (I’ve written about most of these issues over the last year), I’ve put together this synopsis to hit the highlights.

The reason many alternative fee structures fail is that the underlying cost basis is still the billable hour.

And the billable hour shapes virtually all compensation structures in most firms.

It can’t be an effective way of measuring performance anymore.