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Features
With the end of the year in focus, most law firms may well finish in line with their budget plans. But analysts and observers also described the end-of-year profitability picture in Big Law as "tepid," "flat-ish" and "volatile," with 2024 promising plenty of uncertainty as well.
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By shifting some focus away from input (billable hours) and embracing output (results), law firms can become more efficient and resilient to industry changes, improve client satisfaction, attract top talent and be better equipped to meet other, more long-term financial targets.
Features
Clear billing guidelines are essential for effectively managing client relationships and preventing costly and time-consuming billing disputes. Well-defined billing standards set expectations upfront, ensure consistent application of rates and procedures and provide transparency around what work will be performed and how it will be billed.
Features
There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.
Features
Tech companies grabbed six of the top 10 slots on the list, which ranks by total compensation. The five most-highly paid legal chiefs received more than $20 million, while all the top 10 collected more than $15 million.
Features
The onus is on law firm leaders to balance risk and opportunity. How can firms guide through an increasingly perilous landscape rife with opposing hazards to start building the law firm of the future today?
Features
This article maps out a system that would enable law firm management to implement a meaningful pay-for-performance system that drives positive associate performance and enhances the firm's culture.
Features
In Polselli v. Internal Revenue Service, the U.S. Supreme Court unanimously refused to limit the IRS's ability to issue summonses without notice to situations in which it seeks records of accounts in which a delinquent taxpayer has an interest. This article discusses the court's decision, Justice Jackson's concurring opinion, and the potential for future challenges to the IRS's issuance of summonses without notice.
Features
While many of the country's largest law firms contend with financial volatility that has resulted in financial declines and workforce overcapacity, the 20 midsize firms included in the Am Law 200 outperformed the 2023 Am Law Second Hundred in key financial metrics.
Features
Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.