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Of all areas within the law firm, marketing and business development (BD) is one of the top areas impacted by the significant market challenges occurring over the past couple of years. Productivity has been down since Q4 of 2022 (see, Thomson Reuters 2023 State of the Legal Market Report) and uncertainty in the geo-political landscape has caused business across verticals to slow, which has placed enhanced pressure on marketing and BD to win more business. At the same time, rising internal expenses — primarily driven by surging associate compensation — is straining marketing teams to do more with less to protect margins.
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Leveraging Law Firm KPIs for Business Success
By Peter Oliva
Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.
Staying Nimble and Embracing Values Are Essential for Mid-Size Law Firms’ Survival
By Michael Ferachi
In the ever-evolving legal landscape, mid-size law firms find themselves at a critical juncture. Seismic shifts, accelerated by the pandemic, have reshaped the very fabric of our industry. Now, more than ever, agility, innovation, and a steadfast commitment to meeting client needs are not just desirable traits, but essential for business survival.
5 Ways AI Can Strengthen Revenue Generation and Client Relationships
By Jody Glidden
Maintaining consistent communication with clients can be time-consuming for most law firm professionals. Balancing this task with other competing responsibilities becomes challenging when case management, administrative duties, and strategic planning also demand the lawyer’s attention. The time has never been better for firms to start introducing technology, like AI, to improve their overall business.
CLE Shouldn’t Be the Only Training Mandatory for Attorneys
By Sharon Meit Abrahams
State law bar associations mandate Continuing Legal Education (CLE) for attorneys to ensure that legal professionals remain informed of the evolving laws and to maintain a high standard of professional competence. Unfortunately, “how to be successful” is not taught in law school nor approved as a CLE topic.