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Features
When it comes to law firm business, not everyone is depressed about the slow growth that plagued many firms in 2017, and that's predicted to persist into the new year. Or at least they won't admit it.
Features
With the new year upon us, law firms have just been through the typical year-end crush of collections, budgeting, compensation decisions and more. The authors recently took a look at 2017's hottest trends, and explored what we could expect from them in 2018.
Features
You say your law firm is profitable. How do you know? To fully understand your law firm's results of operations and financial condition, you should measure and examine key performance indicators (KPIs) on a granular level. Looking beyond high-level KPIs can provide actionable information to make operational and strategic decisions.
Features
<b><i>Last Year Saw a Number of Interesting Decisions Concerning the Identity, Rights and Obligations of Non-Equity Owners, Including Partners and Shareholders</b></i><p>2017 saw a number of interesting decisions concerning the identity, rights and obligations of non-equity owners, including partners and shareholders. As more firms utilize non-equity members to play vital roles within their firms, it will become more important for them to take note of these decisions and the guidance they provide.
Features
<b><i>The Numbers Say Yes, But Not for the Reasons Many May Think</b></i><p>Conventional wisdom has it that mergers enhance profitability through increased revenues and reduced costs. However, the numbers contradict this view: post-merger revenues are lower relative to competitor firms than are the sum of the predecessor firms' revenues, and costs per lawyer increase markedly.
Features
Though traditionally considered laggards when adopting new technology, law firms have recently started to explore new tricks to fortify performance across their organizations. While this evolution is critical to a firm's survival, it's important that firm administrators understand that substantive improvements are only possible through multi-directional change.
Features
Will law firms' financial results for 2017 fall short of 2016? Legal industry results through the first nine months of 2017 suggest that's a real possibility.
Features
It is widely recognized that Big Law has surplus partner capacity. What is less well recognized is just how massive this surplus has become, how unevenly it is spread across firms in different profitability cohorts, and what it portends for when the next downturn hits.
Features
For the most part, law firms continue to structure themselves in a traditional operating and employment models with a dedicated workforce of talent arranged in an organizational hierarchy. In today's Gig Economy, this will unlikely hold.
Features
Setting the next year's billing rates follows a simple formula at most firms: last year's rate plus a common percentage increase across all lawyer cohorts. A more disaggregated approach is needed -- firms should set higher percentage increases for senior lawyers and lower increases for junior lawyers.