Bruce MacEwen - World’s Leading Expert on the Economics of Law Firms

This episode features an interview with Bruce MacEwen. He is the founder and president of Adam Smith, Esq. and has written thousands of articles on the economics of law firms. He is recognized as the world’s leading expert in this subject and provides advice to a select number of law firms about how to succeed in the changing legal landscape. During this episode, Bruce and Eli discuss: • Why Bruce thought there was something off about law firms by Thanksgiving of his first year as an associate • How companies select & manage outside counsel • Tension of building in-house law departments v. relying on outside counsel • Why law firms refuse to do recession scenario planning • Surprising nimbleness of law firms • Law firms being much more thoughtful and humane in dealing with the Covid-19 pandemic than they were during the “Great Financial Reset of 2008” • Why successful law firm partners can be dynamite for law firms • Rethinking real estate needs of law firms • “Best-in-breed” law firms v. full-service law firms • Boutiques and benefits of a lawyer’s practice being at the core of what a firm does • Using Net Promoter Score (NPS) to evaluate law firms • Law firms deciding whether to invest in a practice area • Vision and hunger being the key to starting a successful boutique law • Difference between lawyers who succeed v. fail