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There's no doubt that much of the legal industry's profit gains are simply the result of surging demand. But smart firms were also able to harness booming demand to push through rate increases, owing to clients who were desperate to see their deals go through. There's no doubt that the firms taking advantage of this confluence are in an enviable position. That doesn't mean they are sitting on their laurels.
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While regularly used among lenders, manufacturers, and dealers, treatment of Inventory financing program agreements in bankruptcy is not uniform, and uncertainty exists with respect to how such agreements may be treated in the context of a manufacturer's Chapter 11.
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The current economic climate will incline lawyers, specifically litigators, to rethink their fee structures. With inflation at a 40-year high, residential and commercial rents rising, and a predicted looming recession, clients are tightening their budgets, but also demanding the same level of service and results from their attorneys.
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In this marketplace, one thing is abundantly clear: To remain competitive, you must adapt. So how can you adapt in a way that meets the increased expectations of today's client? Focus on client experience.
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Law firms must continuously review business and legal processes to operate and interact with less waste and costs and develop pricing models that address client needs while generating profits for the law firm. This is actually simple, but not easy to do.
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This article explores the connection between process improvement, project management, and pricing. Clients want budget predictability, options in fee arrangements, and value. The firms that do this well, regardless of their size or location, will have the competitive advantage.
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If you're unsure about how to get your cross-selling efforts going, marketing and business development content, in all of its forms, is your secret weapon for cross-selling your firm's services.
Features
Many firms have made a valiant attempt to maintain firm culture in the brave new world in which we find ourselves. Culture is not something that is pre-destined or accidental. Rather, it is something that exists and evolves in organizations where particular skill sets are present and cultivated.
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If you're in that boat, or you are unsure about how to get your cross-selling efforts going, marketing and business development content, in all of its forms, is your secret weapon for cross-selling your firm's services.
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A series of interviews with large law firm partners around the world to better understand how they are leveraging technology to drive innovation and transformation in their practices.
