If inflation remains at current levels, law firm billing rate increases won't be able to keep pace. But firm leaders may make other "course corrections" to capture profits through the end of 2022, analysts say, by utilizing leverage and alternative pricing models and making additional investments in technology.
Pay for the nation's most powerful legal chiefs has rocketed back into the stratosphere following a slump amid corporate austerity measures during the height of the COVID-19 pandemic — and a familiar name has reclaimed this year's cash king crown.
Service "'bundling" provides economies of scale, lower overheads, a single point of contact and a single invoice at the end of each month. However, the bundling of services to create a single multi-service provider may now be hurting firms who are increasingly looking for specialization, especially with regards to onsite workplace experience services.
There's no doubt that much of the legal industry's profit gains are simply the result of surging demand. But smart firms were also able to harness booming demand to push through rate increases, owing to clients who were desperate to see their deals go through. There's no doubt that the firms taking advantage of this confluence are in an enviable position. That doesn't mean they are sitting on their laurels.
While regularly used among lenders, manufacturers, and dealers, treatment of Inventory financing program agreements in bankruptcy is not uniform, and uncertainty exists with respect to how such agreements may be treated in the context of a manufacturer's Chapter 11.
The current economic climate will incline lawyers, specifically litigators, to rethink their fee structures. With inflation at a 40-year high, residential and commercial rents rising, and a predicted looming recession, clients are tightening their budgets, but also demanding the same level of service and results from their attorneys.
Planning for the downturn in a clear, methodical way by investing the existing good fortune that most firms enjoy into strengthening your technical infrastructure, trimming expenses, and rethinking how administrative services are delivered to the attorneys.
Deciding to merge is a process that is best undertaken when a firm has as much information as possible about what their objectives and desired outcome is. Developing that information is best achieved by answering four questions.
Employees are the lifeblood of an organization. Companies, including law firms, are rightfully attempting to navigate what the past two years have meant to the labor force and make sense of the changes to the landscape so that they can successfully manage their businesses. Included in this mix are outsourcing service providers.
The Treasury's Greenbook commenting and explaining budget recommendations for FY 2023 raises warnings of tax increases. But what are the odds Congress passes anything before the midterm elections this November? This article presents a summary of the proposed tax increases and the likelihood of these provisions being enacted into law.
