Follow Us
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Rising competition from alternative service providers and the ever-forward march of technology adoption should be having a similar, negative, effect on profitability. This raises an obvious question — how are law firms doing it?
Law firm profitability is at a record high. The average equity partner, at an Am Law 200 firm, received $1.8 million in profit sharing compensation last year. This is higher than any point in recorded history (the Am Law 200 data goes back to 1984). Average profits per equity partner (PPEP) are nearly $500k dollars more, in nominal terms, than they were at the peak in profitability experienced before the past downturn. Even after adjusting for inflation, profits per equity partner are $125k per year more than they were a decade ago. Not bad if you ask me.
*May exclude premium content
Is Your Firm Prepared for the ‘Silver Tsunami’?
By J. Mark Santiago
A Silver Tsunami of aging partners is threatening the legal profession. There’s a way to higher ground.
What In-House Counsel Need from Outside Counsel As Pandemic Landscape Shifts
By Jennifer Simpson Carr
The global COVID-19 pandemic forced lawyers — individuals whose relationships formerly depended upon firm handshakes and looking their clients directly in the eye — to build client trust through a tiny camera lens. Here's a Q&A with GCs to discuss what matters most to their companies when hiring outside counsel.
Five Critical Elements of Business Development Success
By Aaron Y. Strauss
While acquiring the skills necessary to develop business is certainly a life-long journey, here are five critical elements to consider from the outset.
Building Successful Partnerships Requires Collaboration
By DeWitt A. Sullivan
Partnerships are relationships, ideally relationships built on trust and a common goal. Successful partnerships require all parties working together — working together to service a client fully, generate revenue and to build a business. This requires openness and coordination.
Copyright © ALM Media Properties, LLC. All Rights Reserved.
