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The economic outlook for firms heading into 2023 is, as we know, challenging. By the end of 2022, there was substantial slowing in demand growth, so much so that overall demand contracted by 0.1% by the end of the year, according to the latest data from Thomson Reuters. Transactional work was falling off and clients started pulling more work in-house, placing considerable strain on law firm financials which, quite frankly, were already under pressure from a 24-month long war for talent that resulted in the highest associate pay increases on record and ensuing increase in overhead.
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How to Waste Time and Money In Legal Marketing
By Gina F. Rubel
Almost daily, I receive an email promising better SEO rankings, better news pick up for a law firm press release, a better law firm website, blog and social media content that will bring in clients, and access to contacts across the globe. Unfortunately, these sales pitches are usually a colossal waste of time. Here are some examples of solicitations that should be deleted as soon as you receive them.
Shrinking Demand? Top 7 Reasons Firms Are Leveraging Experience Data
By Jason Noble
While the competition for outside legal services has never been more intense, the strategic approach firms take — including a strategic approach to technology — will define whether the market pressures are a threat or opportunity.
Financial Strategies to Optimize Your Technology Spend
By Mike Henderson, Whitney Jones, and Bill Pitcairn
Uncertain and challenging markets are times when firms and organizations of all types conserve cash. If this can be achieved without cutting needed projects, equipment or services to ensure successful returns to the office, then this is clearly an ideal financial strategy.
Marketing Tech: Legal Ops Success In an Uncertain Economy
By Ari Kaplan
Ari Kaplan speaks to leaders in legal ops on key themes emerged that are likely to drive new initiatives in 2023.