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There is a lot of good news in the nine-month 2019 industry results. While we might not end the year with the strong growth levels seen in 2018, we anticipate that 2019 will be a decent year. For the first time this year, revenue growth exceeded expense growth. Rate increases continued to be strong, while demand growth continued to accelerate. The collection cycle continued to lengthen, hurting revenue, but strong inventory growth places the industry in a solid position to end the year well.
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Law Firms Enter the Golden Age of Data Mining
By Doug Stansfield
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
10 Top Strategies for Retaining Tomorrow’s Talent
By Sharon Meit Abrahams
All lawyers want to be wanted and valued by their firms. It has become apparent that tomorrow’s legal talent requires even more hand-holding than previous generations. They want to understand why and what’s the payoff of their efforts. By creating a firm culture that addresses these concerns you will heighten your firm’s ability to retain precious talent.
Bursting the Bubble of Associate Compensation
By Timothy B. Corcoran
Smart business leaders compete by constantly seeking cost advantages. Yet law firm leaders compete by perpetually increasing associate compensation. As always, this will not end well.
Lawyer Well-Being at Work: It’s a Two-Way Street
By John F. Hollway
It’s Not the Number of Hours We’re Billing or the Number of Hours We’re Working; It’s the Way We Feel About How We Spend Those Hours That Matters
Working long hours, tracking those hours and feeling that we have to grind all year to hit a specific number of hours to meet a profitability target can make us feel like fungible, dehumanized automatons rather than highly trained providers of specific and thoughtful solutions to complex legal challenges.
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