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Accounting and Financial Planning for Law FirmsFeaturesLaw Firm ManagementLaw Firm Marketing and Business DevelopmentLegal Operations

The Business Benefits of Leasing When Combatting the Increasing Costs of Operating a Firm

By Mike Henderson, Whitney Jones and Bill Pitcairn
July 01, 2023

The cost of operating a law firm is becoming more expensive. From increases to associate pay, to rising costs of recruiting, to the additional costs of hybrid operations and increased cyber security needs, there's a variety of reasons as to why overhead expenses have been steadily increasing quartile by quartile, with Q1 of 2023 ending at an 11.7% increase, according to the Citi Law Firm Group Q1 2023 Report.

Even more challenging is that — for most firms outside the top 50 — incoming revenue is not meeting this steady increase in expenses. This year as of the end of Q1 2023, expenses were outpacing revenue by 6.3% across the industry, mainly for firms outside the top 50 firms which reported revenues outpacing expenses through record breaking rate increases, according to the Citi report.

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