Year End Is 90 Days Away, Make Every Day Count.
October 01, 2020
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
Redefining Law Firm Financial Management In An Era of Unprecedented Economic Uncertainty
October 01, 2020
The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty. To understand their approach, options, and considerations, LSQ engaged Ari Kaplan Advisors to benchmark a range of metrics and perspectives from leaders at an array of organizations.
Law Firm Profitability Expected to Be Stable for 2020 Despite Decreased Revenue
October 01, 2020
Economists are increasingly gravitating to the concept of a "K-shaped" recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that "K" may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.
Undercutting the Cost of Underperforming Attorneys
September 01, 2020
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19 are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
Ransomware – COVID-19 & Upgrading Your Defenses
September 01, 2020
It's pretty shameful that in the current crisis we're seeing ransomware on the rise. It's even more shameful that organizations involved in fighting the virus seem to be especially at risk.
The SECURE and CARES Acts Change Required Minimum Distributions
September 01, 2020
A key aspect of saving for retirement through qualified retirement plans and IRAs is deferring taxes until required minimum distributions (RMD) begin. Even with Roth IRAs, beneficiaries who inherit them must also follow RMD rules despite the tax-free treatment of the distributions. The SECURE Act and the CARES Act made dramatic changes in RMD rules for 2020 and beyond.
Buying In to the ALSP Market
September 01, 2020
Some Firms Are Forming Subsidiaries to Deliver Legal Services In New Ways
Buyers have a broader slate of options in 2020 than ever before, whether that means handling more work in-house, hiring temporary lawyers during a crunch, or turning to a recently launched "alternative provider" to address the massive pile of contracts they need to manage.
