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The results of a new report — Implementing Financial Intelligence to Give Law Firms a Competitive Advantage in 2022 and Beyond — revealed a striking shift in the role of law firm finance leaders, both in their value and impact. Many are using data to drive change in their organizations, amplifying the power of profitability, and leveraging their skill to fuel innovation. Ultimately, they are helping their firms gain a competitive advantage.
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The Infrastructure Investment and Jobs Act, signed by the President on Nov. 15, 2021, presents a number of issues for advisers, planners and taxpayers to consider.
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By keeping these communication tips in mind, firm leaders can ensure that their most important stakeholders understand the significance of their expansion and why it is a win-win for the firm, its people and its clients.
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After years of clients working to trim their roster of firms to a trusted group that understands the specific challenges of their businesses, rate hikes are threatening to upset these delicate relationships.
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After many firms experienced a highly profitable 2020 and sky-high demand levels in 2021, they found themselves with more cash than usual. While more than enough Big Law money has been lavished on associates and laterals recently, those aren't the only ways firms are spending their riches.
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Law firms are paying more for talent than ever before. But like other industries that've been hit by a so-called "Great Resignation," they're also hemorrhaging it like never before, and the result is a diminished return on investment that could reach a "boiling point" in the near future.
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Many firms are projecting that 2021 will be an improvement over 2020's average revenue growth and PPEP growth, which in January was not the common wisdom. But we have also learned some things in 2021 that should not be forgotten or overlooked in the rush to year-end.
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Law firms are at a crossroads triggered by the transformational impact of the pandemic, and wondering whether the mandate for change will continue or shrink back to pre-2020 operations. For most firms, the answer is to continue on the road for change, including reengineering the delivery of legal services.
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Many firms are shifting to a hybrid work model, where lawyers and staff will divide their time between in-office and outside-the-office work, making management and leadership tasks more challenging.
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The Biden Administration and the Democratic controlled Congress is rolling out a robust spending plan that will provide benefits and burdens for the defense and government contract community. This article provides a road map that will assist in providing permissibly selective benefits for the qualifying government contractors and employees.