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It's still early in 2024, but law firms may finally be disembarking from a nearly four-year "roller coaster" of volatility, and returning to something that more closely resembles the pre-pandemic era.
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The business landscape over the last few years has been changing at an ever-increasing speed, and 2024 promises to be no different. To effectively navigate the challenges and opportunities that present themselves, leaders need to adopt a fresh approach to strategic planning.
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Having a compensation system that clearly outlines partner expectations, provides the partners with the ability to validate the results by communicating the results back to them does more to build collegiality than an opaque system that, by its design, promotes distrust and ill will among partners.
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Partnership audit changes present increased exposure to partnerships and their partners, and future legislation may curtail much of the flexibility associated with partnerships.
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In today's volatile economic climate, companies need to be more creative to find ways to mitigate risk. Litigation finance is one of those out-of-the-box solutions that can provide benefits.
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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.
Features
Alternative-fee arrangements help establish a link between outside counsel costs and the value provided.. Yet, adoption of AFAs remains sluggish — even as outrage over outside counsel hourly rate increases grows.
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Although the inflation rate is down, law firms are still fighting "across-the-board" cost increases, including for talent and technology, as well as overhead costs for occupancy. Those costs are expected to have an outsize influence on law firm operations going into 2024.
Features
This article is about putting more money into the distributable income line on your monthly financial report; how to rethink and profit from your annual budget-planning cycle, which should be underway now and not postponed for January after the "year-end" collection silly season.
Features
Without recognition for their varied contributions, young lawyers are likely to feel more disenchanted or disinterested in career longevity or leadership duties at a law firm.