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While nobody seems to think that the current inflationary period constitutes the new normal for the Am Law 200, the sustained demand has helped firms smooth out some of the challenges that will become sharper when there isn't as much legal work to go around.
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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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Strong demand growth led to a war for talent, but it was also a major driver of the industry average double-digit revenue growth seen in 2021.
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Are lawyers working harder than ever? Recent figures in the legal industry show only a slight increase last year in the number of average hours billed per lawyer. Yet analysts and firm leaders say the total amount of hours worked — not just billed — is likely higher,
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Selling doesn't cause buying. Buying is an internal business process and that process is fast becoming out of sync with the sales training we often push on our lawyers. Our buyers know more than we do about what is really important inside companies when they are looking to hire outside counsel. We must get better at that lest many of our practices become even more commoditized.
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After years of clients working to trim their roster of firms to a trusted group that understands the specific challenges of their businesses, rate hikes are threatening to upset these delicate relationships.
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After many firms experienced a highly profitable 2020 and sky-high demand levels in 2021, they found themselves with more cash than usual. While more than enough Big Law money has been lavished on associates and laterals recently, those aren't the only ways firms are spending their riches.
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If it was challenging to get facetime with clients pre-pandemic, that challenge has only multiplied in the post-pandemic world. As firms look for creative ways to reconnect with clients, client interviews and surveys have become more important than ever for ensuring client satisfaction, loyalty and profitability.
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This last year has brought an ever-increasing pressure to be competitive and retain the margin that pays salaries and powers growth. One outlet to maintain and increase competitiveness is the reduction of paper processes and increasing the use of technology.
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Whether they practice at global firms consisting of thousands of lawyers or decide to hang a shingle and put their name on the door, lawyers chose a path requiring continuous, never-ending hustle. Not only do they need to master the practice of law, they need to master the art of driving revenue.