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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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It’s 2025: What Did We Do to Successfully Shift Law Firm Operations?
By Rob Mattern
A Look Back from the Future
If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
Year End Is 90 Days Away, Make Every Day Count.
By J. Mark Santiago
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
By Lawrence L. Bell
The COVID 19/Pandemic/Shutdown has caused turmoil and upended benefit planning. The voluntary benefits platform has also been open to new rules and regulations. IRS guidelines support the uses of an actuarially based patent to provide benefits for selected employees on a tax efficient basis. Because this is not a qualified plan and it is not considered as deferred compensation by the IRS, the plan can be self-funded and the benefit amounts can vary on a participant-by-participant basis. In addition, because it follows the “top hat” rules, it does not require any form of ongoing or annual filings with any regulatory agencies.
Law Firm Profitability Expected to Be Stable for 2020 Despite Decreased Revenue
By Dan Packel
Economists are increasingly gravitating to the concept of a “K-shaped” recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that “K” may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.
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