Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
After Another Big Year, Law Firms Should Plan for Recession
Looking at the 2021 AmLaw 200 results, overall, the AmLaw 200 did very well last year. Among other benchmarks, the AmLaw 200:
|- Posted the biggest YOY increases in revenue, RPL, and PEP in more than 10 years.
- Gross revenue increases more than 9%.
- RPL increased more than 7%.
- PEP increased by approximately 12%.
While the AmLaw 200 results were quite impressive, 2021 continued the cycle of the AmLaw 100 firms continuing to widen the gap between themselves and the "other" 100.
|- Gross revenue in the AmLaw 100 increased by approximately 15%.
- RPL in the AmLaw 100 increased by 12.5%.
- PEP increased by 20%.
Perhaps the most startling measure of the gap was that two AmLaw 100 firms increased their YOY gross revenue by more than the combined increase of all the AmLaw 200 firms.
|2022 and Beyond
What might 2022 and 2023 hold? Preliminary Q1 results from the Thompson Reuters LFFI survey reports a strong 2.7% growth in demand. However, the positive growth numbers were offset by significant growth in compensation (13%) and overhead (10%). Indicators point to continued growth in both of those categories over this year and calendar 2023.
The possibility of a recession continues to grow with a number of economists predicting that by the textbook measure (two consecutive quarters of declining growth), the U.S. economy will enter a recession in July of this year.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.