Why Do Lawyers Make So Much Money?

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  1. You're coaching a basketball game.
  2. You know the rules minimally.
  3. Your competitor knows the rules fully.

BAM:

  1. Your competitor knows it can shoot 3-pointers to score more points.
  2. Your competitor knows it can play aggressively inside.
  3. Your competitor knows it can screen opponents to open lanes for your teammates.

What happens when you coach a basketball team without knowing the rules?

Exploitation happens.

You sucking happens.

  • The competitor shoots more 3-pointers to score more points.
  • The competitor plays more aggressively inside to score more in the paint.
  • The competitor screens your players to open more lanes to score more layups.
  • And, since there are barely any refs to call them on their every move, the competitor bends the rules to score more points.

Running a business without knowing the rules comprehensively is like playing a basketball game without knowing that competitors can do X, Y, and Z to win the games against you (e.g., earn your customers' dollars).

Top Lawyers Help Companies Thrive

Hiring top attorneys for your business ensures you're using the boundaries of the game to the best of your advantages.

Instead of doing/not-doing things that risk your company's long-term future, you start taking advantage of the rules to score more points.

  • 'You can do A to score.'
  • 'You can do B to score.'
  • 'You can do C to score.'

Corporate lawyers help you compete by showing how you can use the rules most effectively to steer your company.

In turn, you:

  1. Save money
  2. Cut costs
  3. Find more revenue streams

More importantly, top legal teams make your every strategic move sustainable for the long-term.

Why do they make so much money?

Shoddy legal teams give you no competitive advantages.

Companies with better attorneys know how to use the rules more effectively; as a result, they help their clients compete better.

  1. The better the attorney, the stronger you compete.
  2. Because companies strive to outcompete each other, they want the best legal teams to back them -- driving up demand.
  3. The higher the demand, the pricier they become.

Big corporate profit machines like Google, Goldman Sachs, and Berkshire Hathaway hire the world's greatest law firms (e.g. Vault's Top 10) to find the best ways to compete -- while staying within the rule of law.

The highest growth companies on the S&P 500 since the 1920s have had the more experienced legal teams behind them relative to their competitors; strong attorneys help companies use the rules to compete most effectively.

Equally important, they ensure your competitors stay within the rules of the game.

You + Legal Team

You won't need to hire the world's greatest lawyers, but having a legal team that will enable you to - at the least - compete fairly against Competitor X, will boost your chances of keeping your company competitive against Competitor X.

  • The better the legal team, the better you compete.
  • The better the legal team, the better you compete.
  • The better the legal team, the better you compete.

If a legal team can't fatten your bottom line, do not hire that legal team.

Passionate, ethical, knowledgeable lawyers who help you compete better within the rules = critical to your company's long-term success.

Strategic weapons.

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Posted on November 14

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