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We found 2,020 results for "Accounting and Financial Planning for Law Firms"...

Cyberaccountants Offer a New Line of Defense Against Digital Disruption
December 01, 2023
As cybercrime intensifies, it is revealing a skills shortfall among those who defend our financial infrastructure. It has become critically clear that we need to radically rethink the way we prepare our frontline defense to include more experts with both technical savvy and accounting expertise. In other words, we need an army of cyberaccountants.
Billable Hours Frustrate In-House Attorneys, So Why Aren't They Demanding Alternatives?
December 01, 2023
Alternative-fee arrangements help establish a link between outside counsel costs and the value provided.. Yet, adoption of AFAs remains sluggish — even as outrage over outside counsel hourly rate increases grows.
Online Extra: 'Across-the-Board' Cost Increases Expected To Have Major Impact On 2024 Legal Ops
December 01, 2023
Although the inflation rate is down, law firms are still fighting "across-the-board" cost increases, including for talent and technology, as well as overhead costs for occupancy. Those costs are expected to have an outsize influence on law firm operations going into 2024.
Happy Anniversary ChatGPT! Leveraging Generative Artificial Intelligence in Your Law Firm Practice One Year into this Disruptive Technology Phenomenon
November 01, 2023
While the societal impact of technology is not a new concept, GenAI stands out due to its accessibility to the public and its profound influence on knowledge-based industries like law. In addition to boosting efficiency and productivity, GenAI's new technological capabilities hold the promise of empowering lawyers to offer more precise and insightful guidance to their clients.
It's Hoteling, Not Moteling
November 01, 2023
Hoteling has a negative connotation in the legal industry as little has been done to make the experience reliable and something to look forward to. The fact is, hoteling has worked very well in other industries for many years, and lessons learned here can help law firms.
When Does Zero Equal More? The Add-In Budget
November 01, 2023
This article is about putting more money into the distributable income line on your monthly financial report; how to rethink and profit from your annual budget-planning cycle, which should be underway now and not postponed for January after the "year-end" collection silly season.
Unleashing the Power of Flexibility In Law Firms for Recruitment, Retention, Diversity and Client Expansion
November 01, 2023
Embracing flexibility can provide law firms with a range of competitive advantages, from attracting and retaining top talent to fostering diversity and expanding their client bases.
Outdated Compensation Plans Leave Young Lawyers Disenchanted About Leadership Roles
November 01, 2023
Without recognition for their varied contributions, young lawyers are likely to feel more disenchanted or disinterested in career longevity or leadership duties at a law firm.
Law Firms Might Meet Budget, But Uncertainty Looms
November 01, 2023
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.
'Do More With Less' Is Theme from New Legal Ops Report
November 01, 2023
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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