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There's no doubt that much of the legal industry's profit gains are simply the result of surging demand. But smart firms were also able to harness booming demand to push through rate increases, owing to clients who were desperate to see their deals go through. There's no doubt that the firms taking advantage of this confluence are in an enviable position. That doesn't mean they are sitting on their laurels.
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Law firms must continuously review business and legal processes to operate and interact with less waste and costs and develop pricing models that address client needs while generating profits for the law firm. This is actually simple, but not easy to do.
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Planning for the downturn in a clear, methodical way by investing the existing good fortune that most firms enjoy into strengthening your technical infrastructure, trimming expenses, and rethinking how administrative services are delivered to the attorneys.
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In the court reporting market, technology has matured to match or exceed stenography's stronghold on speed and accuracy and, as such, is poised to disrupt the market.
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In this marketplace, one thing is abundantly clear: To remain competitive, you must adapt. So how can you adapt in a way that meets the increased expectations of today's client? Focus on client experience.
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Stifling expenses and a slowdown in transactional work during the first quarter could sink profit growth for the rest of the year, according to a new analysis of legal industry performance.
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Deciding to merge is a process that is best undertaken when a firm has as much information as possible about what their objectives and desired outcome is. Developing that information is best achieved by answering four questions.
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Employees are the lifeblood of an organization. Companies, including law firms, are rightfully attempting to navigate what the past two years have meant to the labor force and make sense of the changes to the landscape so that they can successfully manage their businesses. Included in this mix are outsourcing service providers.
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The Treasury's Greenbook commenting and explaining budget recommendations for FY 2023 raises warnings of tax increases. But what are the odds Congress passes anything before the midterm elections this November? This article presents a summary of the proposed tax increases and the likelihood of these provisions being enacted into law.
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As inflation worsens, legal chiefs and their in-house teams are stepping up and finding ways to help their companies tamp down a vast array of price hike fires. And a significant part of that work is reviewing contracts with service providers, clients and other business partners.