Is the Ballooning Billing Rate Ready to Pop?
March 01, 2025
Short of a seismic financial shock, hefty law firm billing rate increases are seemingly here to stay, much to the chagrin of clients and their general counsel. But that’s not to say that market conditions aren’t evolving to challenge the status quo of large rate increases — and in the words of one consultant advising corporate law departments, you don’t know you’re in a bubble until it pops.
Navigating the VUCA World: Why Firms Must Innovate and Reevaluate Legal Operations
February 01, 2025
In the legal industry, volatility, uncertainty, complexity and ambiguity (VUCA) (originally a military concept) have reshaped how law firms operate, requiring legal administrators to adapt to a rapidly evolving work environment. Navigating this VUCA landscape involves balancing hybrid work models, evolving return-to-office strategies, and significant workforce challenges, especially in administrative support.
Use Tax: The Overlooked Tax of Law Firms
February 01, 2025
Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed.
3 Factors for Successful Hourly Rate Adjustments
February 01, 2025
Beyond alternative fee arrangements, firms should consider hourly rate adjustments with three factors in mind: psychological pricing, client feedback and growth. All three are vital for aligning fees with perceived value while supporting the firm’s financial health.
