Raising Costs and Declining Demand are Sapping Profits
The “New Normal” of today is one in which raising operating costs, associate salary increases, and reduced realization rates coupled with AFAs and demands from corporate counsel for reduced rates are sapping firm profits and there is no relief on the horizon. Law firm leaders, seeing current conditions, should be asking if there is a better way.
Cash flow management can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.
Part One of a Two-Part Article
The key paths and the corresponding certifications available for lawyers — and nonlawyers — to pursue to help successfully administer a career in the legal industry in the coming decade.
Most of the time, delayed payments are a result of actions by the law firms themselves. Let's take a look at 11 factors impacting the collection of attorney fees on a timely basis and how to avoid these mistakes.
Attorneys who sued “Despacito” artist Daddy Yankee for defamation should have heeded the song's title and drafted their settlement offer slowly, a federal appellate court ruled.
Financial stability within a law firm practice does not guarantee harmony within the partnership itself — far from it. Law firm management that does not acknowledge or reflect the importance of firm leadership and the contributions and needs of its members endangers a firm's cohesiveness and its very existence, no matter how many clients come through the front door.
It's now been 10 years since the economic crisis of 2008, and just under 10 years since we saw the greatest dip in demand for services experienced by the legal market. The market has stabilized since then, but growth has remained, year-over-year, flat. The Thomson Reuters 2018 Report on the State of the Legal Market shows this trend will continue as we see a market characterized by flat to sluggish growth, a continued decline in productivity, modest rate increases and the continued downward pressure on realization.
Several leading law firms in the National Football League concussion settlement litigation are taking issue with an expert report that suggested slashing attorney fee recoveries. More than 10 law firms have filed responses to a December expert report that recommended capping attorney fees.
The Growth of Third-Party Litigation Funding Has Been a Boon to Small Firms, But Boutique Firms Are Taking a Hit
The growth of litigation funding has widened the pool of law firms that can take on big cases, but their increasing popularity means boutique firms that have traditionally landed multimillion-dollar lawsuits by taking them on contingency or offering alternative fee arrangements are now taking a hit.
How to Successfully Hire Lateral Partners
While a law firm asks for specific education, experience, contacts and portables at certain law firms, what if the candidates were to ask for their own list of must-haves? How would a firm measure up?
