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.
December 01, 2021Dan Packel
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.
December 01, 2021Patrick SmithIf it was challenging to get facetime with clients pre-pandemic, that challenge has only multiplied in the post-pandemic world. As firms look for creative ways to reconnect with clients, client interviews and surveys have become more important than ever for ensuring client satisfaction, loyalty and profitability.
September 01, 2021Marci Krufka TaylorThis last year has brought an ever-increasing pressure to be competitive and retain the margin that pays salaries and powers growth. One outlet to maintain and increase competitiveness is the reduction of paper processes and increasing the use of technology.
July 01, 2021Adam Levithan and Laura WhitmanWhether they practice at global firms consisting of thousands of lawyers or decide to hang a shingle and put their name on the door, lawyers chose a path requiring continuous, never-ending hustle. Not only do they need to master the practice of law, they need to master the art of driving revenue.
May 01, 2021Randi RosenblattThe past year posed new and unusual challenges for U.S. law firms, rattled by economic uncertainty, remote work, stay-home orders and social distancing. Despite the turmoil, profits at the Am Law 100 leapt to new heights.
May 01, 2021Brenda Sapino JeffreysIn the decade ahead, the mechanism for offsetting the effects of external market forces on profitability will shift from changing partnership composition to transforming a partnership's behavioral norms, centering on how partners behave toward each other and help each other become the best possible version of their professional selves.
May 01, 2021Hugh A. SimonsAs firms and their clients continue to navigate ongoing business challenges in 2021, BD and marketing professionals first need to understand how mature their efforts are in specific areas. Then, they can look at what the successful firms are doing differently, so they can position themselves to join those ranks.
April 01, 2021Meghan FrankAttorneys can utilize accountability partners to fuel the advances one truly wants to make in their efforts to build books of business.
March 01, 2021Randi RosenblattLaw firms are increasingly adding new staff members and software to calculate their profitability, helping firms determine partner compensation and make other business decisions.
February 01, 2021Andrew Maloney
