What is the Definition of a Lifestyle Firm? Is it a Firm Run by Lazy People Who Don't Care About Clients?

Description

In this Q&A clip, Harrison explains that a "lifestyle firm" is not necessarily run by lazy people. Still, it is a firm where lifestyle is a priority, and the needs of the firm's employees may come before the clients.
He notes that many small to mid-size firms may fall into this category, as the work may not be highly demanding, and there may need to be more work to keep employees busy. Harrison also clarifies that a lifestyle firm does not necessarily mean it does not care about its clients.

Transcript

Transcript:

No, I don't think that's true. I don't think lazy people necessarily run that lifestyle firm. But I do think there are some firms where lifestyle is a priority and where people put their needs above.

Necessarily those of the client and that's fine. There's again, and I'm not judging that one way or another. So I don't think people that run lifestyle firms are necessarily lazy. I would say that most firms in small to mid-size markets of fewer than 30 or 40 people will be lifestyle firms. There's just. Because the work is just not going to be extremely demanding, and they may need more work to keep you that busy, that will also mean less compensation.

I don't think it's that they don't care. I wouldn't say that a lifestyle firm doesn't care about a client. I think a lifestyle firm often does not just have a ton of work.