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A recovery from an aberrational 2020 and the delay in returning to the office created an unusual set of factors behind the extraordinary performance seen by the law firm industry in 2021. Strong demand growth led to a war for talent, but it was also a major driver of the industry average double-digit revenue growth seen in 2021. And while the war for talent drove pressure on compensation expenses, the delay in returning to the office helped stem the anticipated spike in operating expenses, resulting in lower than expected total expense growth. As a result, revenue growth far outpaced expense increases, leading to one of the strongest years on record for profit growth for all segments of the market.
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Unbiased Thinking: A Blueprint for Your Law Firm Billing & Collections Transformation
By Dan Safran
Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections
Crafting an Effective Roadmap for Implementing Information Governance In Law Firms
By Gregg Parker
This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
Prospective Partners Ask Small and Midsized Firms Tough Questions About Succession
By David E. Wood
Do Their Chief Finance Professionals Have Good Answers?
Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
What We Should Have Learned from COVID, Part 1: When In Doubt, Communicate
By J. Mark Santiago
First In a Series
First COVID Lesson: Leaders should communicate regularly to their firms in a more personal way, let their personality shine through, show some vulnerability and maybe reveal that they own a dog.