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At first glance, Big Law has much to celebrate in the recently released 2017 Am Law 100 figures. The data shows revenue growth of 4.3% for the United States’ largest 100 law firms. This is twice the growth rate of the broader economy. More importantly, firms are reporting record profitability. Profits per equity partner, for the average Am Law 100 firm, now sit at a towering $1.6 million. This is an all-time high for the Am Law 100, even after adjusting for inflation. Other year-on-year metrics show equally strong performance. In fact, nearly every important metric of health suggests the legal industry’s largest firms had a good year.
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Revolutionizing Revenue: How 'Invoice to Cash' Innovation Rescues Firms from Billing Woes
By Milan Bobde
More and more, firms are understanding that it’s the firm’s ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?
AI, the Billable Hour and Improving Client Service
By J. Mark Santiago
The ultimate guardian of the quality of client service is the partners’ own judgement but properly utilizing AI can set expectations that will benefit the clients and the firm and end forever the “End of the Billable Hour” stories.
Need to Do More with Less? CRM Could Be the Key
By Chris Fritsch
CRM is foundational to the success of marketing and business development teams because it is precisely the tool that allows the firm to efficiently manage and nurture client and prospect relationships.
Leading Legal Department Trends for 2024
By Wendy King and David Horrigan
Recent research based on interviews with chief legal officers around the globe found that the increased scope and scale of risk now facing corporations is driving change in how legal teams set their strategies, leverage technology and manage operations.