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It’s now been 10 years since the economic crisis of 2008, and just under 10 years since we saw the greatest dip in demand for services experienced by the legal market. The market has stabilized since then, but growth has remained, year-over-year, flat. The Thomson Reuters 2018 Report on the State of the Legal Market shows this trend will continue as we see a market characterized by flat to sluggish growth, a continued decline in productivity, modest rate increases and the continued downward pressure on realization. (A free copy of the report can be downloaded at http://bit.ly/2oaRwbz.)
By J. Mark Santiago
6 Common Law Firm Accounting Practices That Need to Be Re-evaluated
There are a number of tried and true practices in law firms that need more thinking. Not because law firm managers are stupid; it’s just that some practices need to be periodically re-evaluated and adjusted to reflect the changing times.
By Julie Savarino
Part One of a Two-Part Article
For a variety of reasons, many law firms and lawyers struggle to effectively cross-sell or cross-service. This article defines the specific and best actions lawyers and law firms can take to expand client relationships.
By Peter A. Johnson
What Lawyers Can Learn From Dentists
Nobody enjoys visiting the dentist, but everybody knows you still must pay him or her on the day of service. Attorneys, however, have historically let the client lead the payment dance. Lawyers do the work and hope/expect to be paid without waiting too long or discounting the invoice too steeply. What can we do differently?
By Marcus Dyer
As law firms endeavor to survive in an increasingly competitive world, one strategy picking up steam is the law firm merger. In this article, we recap law firm merger activity in 2018 and consider the economic outlook for law firm mergers for 2019.