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Reports from Legalweek '23 paint a picture of a global legal market "ripe for disruption."
While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date, Patrick Fuller, vice president and general manager of ALM Intelligence, told the audience at Legalweek's annual State of Industry address.
What's more, it's clear that pandemic-era growth has come to an end. After two years of double-digit growth, revenue per lawyer in 2022 dropped in the red to negative 0.6% — and changes in the way legal services are delivered will likely further disrupt fee arrangements and the infamous billable hour going forward.
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End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.