Law Firm Financials

The current circumstances are giving rise to conversations about pricing, and driving both sides of the law firm-client relationship to seek common ground — both in the form of tried-and-true alternative fee arrangements and those that reflect a more innovative approach.

Is there an elegant and effective way to use the power of online media to nurture your potential clients? Yes, and here's a process to follow for each of the steps of that journey:

What kinds of firms are best positioned to provide superior value to clients and why this is such a critical consideration in the current economic climate.

Law firms are increasingly adding new staff members and software to calculate their profitability, helping firms determine partner compensation and make other business decisions.

As alternative legal service providers (ALSPs) continue to take root with significant growth across the legal world, law firms have to consider how these niche companies affect their bottom line and how to react to this burgeoning parallel industry.

Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm's brand by cutting back too much on their marketing efforts.

The game has changed substantially for law firms today — the evolution of the legal business model is underway and artificial intelligence (AI) is playing a big role in calling time on the billable hour.

In the chaos of this past year, it is easy to lose sight of long-term priorities for the sake of addressing short-term crises. Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm's brand by cutting back too much on their marketing efforts.