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5 Ways Firms Waste Money

Law360, New York (August 9, 2016, 5:30 PM EDT) -- Continuing to pay high salaries to consistently underperforming attorneys and staying put in office space that no longer suits a firm's needs are among the top ways firms throw good money after bad and damage their own profitability, according to legal industry experts.

While a firm can cut costs by whittling down smaller expenses like free food and coffee in the office, it should be focused on issues with low-performing people, offices and practice areas to really get its expenses in line, said Kent Zimmermann, a consultant with the Zeughauser Group LLC.

"Many firms are wasting money on too many resources...

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