What Does the Herfindahl Index Have to Do with Law Firm Profitability?

The start of a new year is a time for planning and strategy. In the oft-quoted words of Michael Porter, “The essence of strategy is deciding what not to do.” William Henderson and Evan Parker discuss five strategies of successful law firms and how the application of Porter’s maxim and the Herfindahl index to law firm practice areas yields a predictor of profitability. Read more.