Incentive = Outcome

“Show me the incentive and I’ll show you the outcome” is a quote attributed to Charlie Munger, Warren Buffet’s right-hand man.

Which is why most law firms, and most lawyers, are like taxis. If you ask them to take you to the Waterloo station, that’s what they’ll do, and it will cost you whatever it says on the meter.

Wouldn’t it be better if they asked you why you wanted to go to Waterloo – what are you hoping to achieve by going there?

And then, if they did, they might end up saying (or you might end up saying to yourself) “why don’t you go by bus or tube: it’s cheaper and you’ll get there just as fast”.

What are you hoping to achieve by going there?