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The competition for outside legal services has never been more intense. 50% of buyers have adjusted their law firms in the last 12 months, and that will continue through 2023. See, 2023 Thomson Reuters State of the Legal Industry. Shrinking demand translated into a productivity loss totaling, on average, a $98,000 loss in fees per lawyer as compared to a similar lawyer in 2007.
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Financial Strategies that Improve Security and Optimize Your Technology Spend
By Mike Henderson, Whitney Jones, and Bill Pitcairn
Shifting large IT purchases over to a predictable monthly expense is a pricing model that has taken over most industries with the introduction of cloud services, and this can be a particularly useful model during challenging markets.
Legal Operations Success In an Uncertain Economy
By Ari Kaplan
In the uncertain economy that is characterizing the first quarter of the year, there remains a significant emphasis on demonstrating value to secure new resources.
Law Firm Profitability and Learning from the Past
By J. Mark Santiago
Future partners will be identified, developed, and elected from the associate ranks, so they truly represent the future of the firm. Reducing the number of associates from which to choose future partners is a risky undertaking.
Despite Aggressive Rate Increases from Law Firms, Clients Have Room to Negotiate
By Andrew Maloney
Rate increases across the legal industry haven’t been as big as the conventional wisdom implies, and clients have more room to negotiate than they probably realize.
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