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Amid unprecedented billing rate hikes and an escalation of the battle for rainmaking talent, Am Law 100 law firms again raised the stakes on partner pay last year. At the same time, the average spread among Second Hundred firms fell a bit.
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Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections
Features
In 2023, Am Law 100 firms saw their lowest realization rates in five years. Despite the lower realization, the industry appears to have had a better financial year in 2023 compared with 2022. So how much do realization rates actually matter?
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For a long time, the formula for law firm leverage was simple: grow the base of the pyramid by hiring more associates, keep them busy, and profit. But in recent years, that arithmetic is looking more like calculus as expanding nonequity partner tiers increasingly contribute to the law firm leverage equation.
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While some firm leaders pointed to market factors such as economic uncertainty, most indicated that declining realization rates were a price they were happy to pay in exchange for several years of strong rate increases.
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As firm financials results stream in, we're covering them firm by firm, as we've always done. You can read those story in this continually updated feed. So bookmark it, check back regularly, and stay tuned for the Am Law 100 and Second Hundred reports coming soon.
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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?
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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.
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Generative AI, combined with client education, could signal the slow death knell of the billable hour.
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No matter the approach, firms appear to have a common goal in mind when widening the ratio in pay for the highest and lowest-paid partners in order to better recruit and retain high performers.