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In an uneven year in which Big Law saw profits slide, some of the biggest firms also appeared to heed the words of Shelby Cullom Davis. A leading investor and former U.S. ambassador to Switzerland, Davis once observed: “You make most of your money in a bear market, you just don’t realize it at the time.” Indeed, the word “invest” was top-of-mind for many law firm leaders, particularly when it came to managing their equity partner ranks. Even as demand and profits fell in 2022, Am Law 100 firms increased their equity ranks by 1%, according to data compiled by Law.com Compass and The American Lawyer.
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Four Legal Ops Traps That Can Stunt Growth
By Brian Corbin
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
Using the Generational Gap To Enhance Engagement
By Marcie Borgal Shunk
In an era where the power dynamics in the legal industry are shifting decidedly to talent, a firm’s ability to tap into generational differences to invigorate, attract and retain talent is a competitive advantage.
Law Firms Saw Moderate Revenue Growth In Q1 Despite Challenging Demand Environment
By Gloria Gomez-O’Rourke and Mike McKenney
Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.
Client Development Through Law Firm Health & Hygiene: A Practical Guide
By Alex Geisler
Your clients are what they are, clients. The idea that they can be turned into bigger clients by you developing them is a myth. If you need to develop yourself to make your clients bigger — such that they send you more of their business more often — how do you go about it?
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