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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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In the AI edition of the classic "build versus buy" dilemma, some marquee firms have opted to leverage their position as the largest buyers of legal tech to influence vendor development of AI-powered services to suit their needs.
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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
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This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
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Do Their Chief Finance Professionals Have Good Answers? Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
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First In a Series First COVID Lesson: Leaders should communicate regularly to their firms in a more personal way, let their personality shine through, show some vulnerability and maybe reveal that they own a dog.
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Law firms commonly rely on contract attorneys to assist with a large project for a single matter or collective overflow from multiple matters. While using contract attorneys to address staffing needs is common and routine, it is not a risk-free arrangement. Here are some tips to help law firms minimize potential risks when working with contract attorneys.
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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 growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates' projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.