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The Vital Signs of Firm Profitability
The ultimate objective of law firm management is to create profit for owners. It is the role of a managing partner, management committee, and CFO to understand the elements that impact profitability, identify and improve weaknesses that soften profitability, and capitalize on opportunities to enhance profitability. As firms grow bigger and more complex, data become more valuable. But gathering data means nothing without useful reporting and disciplined review.
According to the 2011 Client Advisory from Hildebrandt Baker Robbins and Citi Private Bank [See Hildebrandt Baker Robbins, 2011 Client Advisory, January 2011], demand for legal services decreased during the past several years. Firms of all sizes saw an overall decline in demand in 2009 and flat performance at best in 2010. The largest firms took the biggest hit, but seem to be recovering slightly quicker. As one might imagine, bankruptcy and reorganization were the only practice areas seeing an uptick in business.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.