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Administrative support has been under siege for almost a decade, with an unsustainable talent model and a ticking retirement time clock. Now with the advent of flexible work models and generative AI, those changes are accelerating at an unprecedented pace.
Most firms have begun the journey of change. From efforts to improve admin-attorney ratios to the emergence of support teams and attorney resource centers, to the impact of hybrid work models now accelerated by the introduction of AI, 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?
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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.