The Business of Law and the Balance of Life

Abstract

The practice of law is a jealous mistress which can occupy all, substantially all, or at least too much of a lawyer's time, depriving the lawyer of time for other activities, family time and personal time. Much of a lawyer's drive is the result of the business of law - law firm economics. That leads to lawyer compensation which has become more important in the twenty-tens as a result of large student loans incurred by law school graduates. The balance of life needs to be considered by each individual with respect to the individual's needs and desires. Furthermore, the balance of life is not stagnant. What may be an appropriate balance to a young lawyer may change as the lawyer ages and moves into different stages of his or her career, and may lead to the lawyer leaving the practice of law. This paper discusses the business of law, law firm profitability, per lawyer profitability, marketing, and choices that each lawyer must make balancing billable hours, marketing activities, and family and personal activities.

Keywords: balance of life, wellness, law firm economics

JEL Classification: I1