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Conventional wisdom has it that mergers enhance profitability through increased revenues and reduced costs. However, the numbers contradict this view: post-merger revenues are lower relative to competitor firms than are the sum of the predecessor firms’ revenues, and costs per lawyer increase markedly.
The evidence is unambiguous: mergers increase profitability. The merged entities resulting from intra-Am Law 200 combinations climb an average of 23 places in the profit-per-equity-partner (PPP) rankings from the five-years before to the five years after the merger. Average compensation for all partners rises by a comparable amount — 18 places over the same time period.
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Experience Management: Selecting Best of Breed Solutions for Better Business Outcomes
By Jason Noble
Experience management is vital not only in terms of raw time savings and cost efficiencies but is pivotal in the firm’s ability to win new business.
Want to Get Your Attorneys More Engaged? Get Them In the Office
By AshLea Allberry
Law firm leaders are increasingly concerned with lack of engagement. With law firm demand down and office attendance policies in flux, many firms don’t believe their workforce is optimally motivated and are struggling with disengagement. The concern is that psychological investment changes when professionals don’t see co-workers in the office, making it easier to develop distance, and disconnect.
What Law Firm Bus Dev Teams Can Learn from the Fortune 500
By Joel Wirchin
Marketing and business development for law firms increasingly complex. As competition intensifies, RFPs and marketing output rise, and maintaining brand consistency across changing markets, regions and diverse work settings becomes a critical concern. It’s time to think big.
Cyberaccountants Offer a New Line of Defense Against Digital Disruption
By Sharon L. Levin and Bruce DeGrazia
As cybercrime intensifies, it is revealing a skills shortfall among those who defend our financial infrastructure. It has become critically clear that we need to radically rethink the way we prepare our frontline defense to include more experts with both technical savvy and accounting expertise. In other words, we need an army of cyberaccountants.
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