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While many of the country's largest law firms contend with financial volatility that has resulted in financial declines and workforce overcapacity, the 20 midsize firms included in the Am Law 200 outperformed the 2023 Am Law Second Hundred in key financial metrics.
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Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.
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We can expect that soon some enlightened Big Law firms will level with their incoming associates (or at least the corporate ones) and explain that market conditions are such that the firm cannot assure them of the volume of work necessary for their normal growth and development and, accordingly, the firm is offering a stipend (and health insurance) to those who choose to defer for a year.
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Shifting large IT purchases over to a predictable monthly expense is a pricing model that has taken over most industries with the introduction of cloud services, and this can be a particularly useful model during challenging markets.
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In the uncertain economy that is characterizing the first quarter of the year, there remains a significant emphasis on demonstrating value to secure new resources.
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Uncertain and challenging markets are times when firms and organizations of all types conserve cash. If this can be achieved without cutting needed projects, equipment or services to ensure successful returns to the office, then this is clearly an ideal financial strategy.
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Rate increases across the legal industry haven't been as big as the conventional wisdom implies, and clients have more room to negotiate than they probably realize.
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A revolution is underway in small and medium-sized businesses (SMB) banking and payments and will impact the way legal, accounting and other professional services firms manage their finances.
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What strategies can law firms take to rein in expenses during a challenging, down market to avoid further layoffs? Look no further than the firm's back-office operations. This article presents a brief overview of five areas where your firm can not just "cut costs" but actually improve operations while doing so — this is expense "right-sizing."
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The best and most effective way to drive firm profitability is through influencing partner behavior. The best way to incent the partners is by linking their compensation clearly and directly to the achievement of the firm's business strategy.