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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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The overarching finding of Thomson Reuters Institute's "2023 Legal Department Operations Index" is that workloads are increasing but budgets aren't. The phrase "do more with less" appears three times in the report and similar sentiments appear on nearly every page of the its 25 pages.
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In an era of ESG characterized by heightened awareness of social justice issues, including terrorism, racial injustice, and reproductive rights, the question of whether law firms should take a public stance has become a significant discussion among firm leaders, businesses, and their employees.
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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.
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Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
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Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
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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.
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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.
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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.
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This article addresses why difficult conversations are especially challenging in the legal environment, the value of having them, and offers a framework with a few extremely valuable tools for navigating these sticky situations to engage in these dialogues more directly and effectively.