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The legal industry saw greater revenue growth during the first quarter of 2019 than it did to start the strong year of 2018. However, the drivers of that growth were much different, as the demand growth that characterized 2018 gave way to a demand decline during the first quarter of 2019, and much of the revenue growth came in the form of cash collections from 2018 inventory. Billing rate increases continued at the elevated pace that we saw in 2018, and they retake their position as the primary revenue driver to begin 2019, as they have been for much of the post-recession period. Looking ahead, the industry maintains a strong inventory position heading into the second quarter, which should continue to provide momentum. This is important, as expense pressure, which had also been a theme of 2018, outpaced revenue growth and is likely to accelerate into the second quarter.
The Time to Improve Administrative Performance Is Now
By J. Mark Santiago
This article focuses on what a firm can do now that will improve future firm economics regardless of what the future may hold, identifying three areas that offer the great opportunity for improving a law firms’ economics and better positioning them for whatever the future may bring.
Litigation Expense Deductibility: New Appellate Court Decision
By Daniel Mayo
The Fifth Circuit Court of Appeals recently issued a decision that explains some of the requirements for deducting litigation expenses. The facts of the case are bizarre, but the controlling legal principles are not.
Best Ways To Expand Key Client Relationships from the Lawyer and Firm Perspectives
By Julie Savarino
Part Two of a Two-Part Article
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.
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