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The COVID-19 pandemic disrupted the industry in many ways, pushing law firms to rapidly adopt remote work solutions, digital transformation and cost cutting measures. While some adjustments proved effective, most industry leaders are prioritizing higher office attendance as a measure for future success.
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Client service doesn't end before the invoice goes out. Every interaction is an opportunity for the firm to provide the best experience current knowledge and technology is able to deliver — and since security is a key component of what clients want, security needs to be part of that equation.
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While the IRS has new ERC claims on pause and works to investigate possible fraud, business owners still have the opportunity to protect themselves from potential civil and criminal penalties.
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Amid unprecedented billing rate hikes and an escalation of the battle for rainmaking talent, Am Law 100 law firms again raised the stakes on partner pay last year. At the same time, the average spread among Second Hundred firms fell a bit.
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Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections
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In 2023, Am Law 100 firms saw their lowest realization rates in five years. Despite the lower realization, the industry appears to have had a better financial year in 2023 compared with 2022. So how much do realization rates actually matter?
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For a long time, the formula for law firm leverage was simple: grow the base of the pyramid by hiring more associates, keep them busy, and profit. But in recent years, that arithmetic is looking more like calculus as expanding nonequity partner tiers increasingly contribute to the law firm leverage equation.
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While some firm leaders pointed to market factors such as economic uncertainty, most indicated that declining realization rates were a price they were happy to pay in exchange for several years of strong rate increases.
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As firm financials results stream in, we're covering them firm by firm, as we've always done. You can read those story in this continually updated feed. So bookmark it, check back regularly, and stay tuned for the Am Law 100 and Second Hundred reports coming soon.
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More and more, firms are understanding that it's the firm's ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?
