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Law Firm Financial Management In An Era of Unprecedented Economic Uncertainty
The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty. To understand their approach, options, and considerations, LSQ engaged Ari Kaplan Advisors to benchmark a range of metrics and perspectives from leaders at an array of organizations.
As a result, from May 23, 2020 through June 16, 2020, I had the privilege of personally interviewing 30 individuals with influence over the finances of their law firms. Nine are their organization's chief financial officer, six are directors, three are accounting managers, three are executive directors, and the remainder are senior billing and accounting professionals.
They hailed from a median law firm size of 75 lawyers, with the smallest firm employing 18 lawyers and the largest over 1,000. Eleven of the firms have under 50 lawyers and 13 have over 100. While most are general practice firms, three focus exclusively on intellectual property and another is in the media and entertainment sector.
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