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As we all know, over the last few months, COVID-19 caused a shutdown of many aspects of the U.S. and world economies. While the Great Recession of 2008 was caused by factors that were more industry-specific, such as the subprime mortgage crisis, the economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging in light of the non-discriminative impact of the virus. Even hospitals, which are on the frontlines of combating COVID-19, felt the impact as fewer patients came for non-emergencies and as elective surgeries were postponed. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future. Proper planning is key to ensuring a company’s financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.
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Revolutionizing Revenue: How 'Invoice to Cash' Innovation Rescues Firms from Billing Woes
By Milan Bobde
More and more, firms are understanding that it’s the firm’s ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?
AI, the Billable Hour and Improving Client Service
By J. Mark Santiago
The ultimate guardian of the quality of client service is the partners’ own judgement but properly utilizing AI can set expectations that will benefit the clients and the firm and end forever the “End of the Billable Hour” stories.
Need to Do More with Less? CRM Could Be the Key
By Chris Fritsch
CRM is foundational to the success of marketing and business development teams because it is precisely the tool that allows the firm to efficiently manage and nurture client and prospect relationships.
Leading Legal Department Trends for 2024
By Wendy King and David Horrigan
Recent research based on interviews with chief legal officers around the globe found that the increased scope and scale of risk now facing corporations is driving change in how legal teams set their strategies, leverage technology and manage operations.