The interest in profitability has increased exponentially. There are many different reasons for this increased focus, and there a number of practical steps that firms can take to address a decrease in profitability, albeit they are all short-term and will not guarantee long-term profitability.

Some law firm prognosticators have been sounding the death knell for strategic planning. Their thinking is based upon the opinion that traditional strategic planning for law firms is dying or ineffective due to several reasons: