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Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.
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In a quest to maximize profitability, Am Law 200 law firms have grown their share of business tied to contingency fees, a gamble that has paid off for some firms in recent years.
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With broad hopes for countercyclical consistency and a nearly 120% uptick in Chapter 11 filings in February specifically, law firms seem ready to use restructuring work as a significant plank in a profitable 2024.
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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?
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Marketing and business development for law firms increasingly complex. As competition intensifies, RFPs and marketing output rise, and maintaining brand consistency across changing markets, regions and diverse work settings becomes a critical concern. It's time to think big.
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A new report emphasizes the connection between legal technology and law firm success, the importance of training to ensure technology adoption, the influence of automation and document management on digital transformation, and how law firms are deploying data to create a competitive advantage.
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For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
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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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What strategies can law 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 presents a brief overview of five areas where your firm can not just "cut costs" but actually improve operations while doing so — this is expense "right-sizing."
Features
Law firm billing rates have increased across all law positions in 2022, but not necessarily enough to keep pace with inflation. That's according to news reports that point to some more challenges for law firm profits.