Law Firm Management

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.

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.

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.

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.

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.

Starting in late 2021, the drumbeat of "return-to-the-office" began and now — somewhere in the neighborhood of two years later of that — it begs the question: how are firms doing with their return-to-office? What programs — if any — have been successful?

What strategies can 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 provides a brief overview of five areas where your firm can not just "cut costs" but actually improve operations while doing so.

Over the last year or so, there has been a surge in law firms launching "crisis management" practice groups. Does this move reflect expanding relationships beyond one-off litigation matters? Is this just a collaboration and renaming or repackaging of existing attorney expertise and practices? Or is there something deeper going on?