Features
Year End Is 90 Days Away, Make Every Day Count.
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
Features
Law Firm Profitability Expected to Be Stable for 2020 Despite Decreased Revenue
Economists are increasingly gravitating to the concept of a "K-shaped" recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that "K" may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.
Features
Undercutting the Cost of Underperforming Attorneys Is Your Responsibility
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19, are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
Features
2019 Was a Record Year for the Am Law 100 But What Will 2020 Hold?
After a 5% increase in gross revenue and 3% growth in revenue per lawyer, the Am Law 100 were in a good place at the start of 2020. Then a global pandemic started. Now what?
Features
Adopting COVID-19 Cuts, Law Firms Balance Image and Economics
Firms Are Applying Communications Lessons from the Great Recession As They Deliver Bad News During the Coronavirus Pandemic. Many firms have appeared in recent weeks to be signaling compassion, embracing (relative) transparency and sharing sacrifices across lawyers and staff. That can help make even painful cuts less harmful for a firm's internal morale and outside reputation.
Features
How a Law Firm's Comp System Affects Profitability and Partner Satisfaction
Compensation systems are typically a strategic afterthought, seen as the means by which to allocate the spoils of a successful strategy. They're viewed as affecting the level of grousing among partners, but not a firm's performance. The data, however, indicates the reverse is true.
Features
How to Survive (and Even Thrive) During and After the COVID-19 Lockdown
The ability to adapt, be nimble and pivot as necessary is crucial to surviving and thriving in ever-changing economic climates. Communicating in the age of social distancing requires a new way of thinking and being — not just in the virtual workplace with our peers but also how we communicate and partner with our clients.
Features
Adopting COVID-19 Cuts, Law Firms Balance Image and Economics
Firms Are Applying Communications Lessons from the Great Recession As They Deliver Bad News During the Coronavirus Pandemic. As firms echo their response to the COVID-19 crisis, they are also showing they learned from the experiences of a decade ago, including the negative effects of delivering cuts unevenly, clumsily or with unnecessary secrecy.
Features
Strategies to Avoid or Reduce Billing Rate Discounts
For a large portion of engagements, discounts are not necessary to win the work. In fact, discounts come at a price. Both parties assume a degree of risk when margins are thinned. This article presents several techniques that you can use to re-direct discussions away from discounts and help to minimize their financial impact.
Features
Law Firm Revenues Rise as Demand Accelerates, Citi Reports
There is a lot of good news in the nine-month 2019 industry results. While we might not end the year with the strong growth levels seen in 2018, we anticipate that 2019 will be a decent year. For the first time this year, revenue growth exceeded expense growth.
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