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Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.
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We can expect that soon some enlightened Big Law firms will level with their incoming associates (or at least the corporate ones) and explain that market conditions are such that the firm cannot assure them of the volume of work necessary for their normal growth and development and, accordingly, the firm is offering a stipend (and health insurance) to those who choose to defer for a year.
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Without the right tools, even the most skilled lawyers can fall victim to common pitfalls that can cripple their performance and success. This article discusses three of these pitfalls and how legal analytics can help lawyers stay ahead of the competition and provide the best counsel to their clients.
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Understanding what AI is — and what it is not — helps to identify where it can be of value and what limitations it currently has. Not only will AI certainly impact your practice in the future, it already has.
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Stay interviews are designed to give employees a chance to give feedback and insight into their experience at work so that companies can better meet their needs and concerns.
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While the practice leaders, partners and lawyers in a practice know their clients best, they focus most of their time and energy on being legal experts. This is where practice, operations, and firm-level leadership need to provide focus, process and resources to help their legal experts deliver their unique value to clients.
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While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date.
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Strategies for Navigating an Uncertain Economy, Leveraging CLM Technology to Streamline Processes, and Embracing Change During a recent discussion with a select group of leaders in legal operations in highly-regulated organizations, several key themes emerged that are likely to drive new initiatives in 2023.
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In the uncertain economy that is characterizing the first quarter of the year, there remains a significant emphasis on demonstrating value to secure new resources.
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While the competition for outside legal services has never been more intense, the strategic approach firms take — including a strategic approach to technology — will define whether the market pressures are a threat or opportunity.