A Modest Proposal

Citi Private Bank Law Firm Group released its Midyear Report which found that Law Firm expenses are outpacing revenue gains (178 surveyed of which 134 are AmLaw 200) . Reasons for expenses varied, "Some firms increased their operating expenses because they commenced long-overdue infrastructure projects. Many saw a notable increase in compensation expenses, due to spring bonuses.

This approach (spring bonuses in the face of a mediocre economy) contrasts with the every-man article, "How to Make Money When Economy is Failing" in which a man takes the rentrepreneurial approach to shoring up his finances, exchanging time with pieces of his life for money. He rents out his home, appliances, even his dog to. "...make a little extra scratch on the side for our daughter’s college savings, or a remote-control pool shark".

While the running a large business and running a single-family home are vastly different in complexity, it's interesting to consider how differently firms might be run if economic austerity were taken to heart. For example, this is a holiday weekend and many law offices are locked up tight  and vacant. How much money could a major law firm rack up by renting their conference room art to a wealthy family whose home is in a little need of sprucing up? Or that leather couch sitting unused in the lobby? Or the reception area with the killer view as the site of a small private event?