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The economic outlook for firms in 2023 is challenging. Law firm overhead expenses have risen to their highest levels in over 15 years, demand growth is slowing, and for the first time, the annual average rate of inflation (5.0%) is exceeding the average worked rate increase across the market (4.8%) and clients, feeling their own inflationary pressures, may be challenging invoices more frequently and aggressively or simply slowing down their payment cycles.
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By J. Mark Santiago
Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm’s younger attorneys.
By Sharon Meit Abrahams
Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
By Jennifer Sherman
Clear billing guidelines are essential for effectively managing client relationships and preventing costly and time-consuming billing disputes. Well-defined billing standards set expectations upfront, ensure consistent application of rates and procedures and provide transparency around what work will be performed and how it will be billed.
By Philip Iovieno
There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.