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Features
While the practice leaders, partners and lawyers in a practice know their clients best, they focus most of their time and energy on being legal experts. This is where practice, operations, and firm-level leadership need to provide focus, process and resources to help their legal experts deliver their unique value to clients.
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While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date.
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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. In fact, leasing and financing not only helps firms conserve cash, but when done right, helps firms also maximize their IT budgets.
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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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Looking forward, firms appear to be counting on rate increases to maintain profitability, but there are signs that clients are likely to be more resistant to further rate hikes as payments slow down and realization was in decline at the end of 2022.
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Future partners will be identified, developed, and elected from the associate ranks, so they truly represent the future of the firm. Reducing the number of associates from which to choose future partners is a risky undertaking.
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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.