A recent AP news headline indicated that the price of cars, gasoline, restaurants, food, and other goods matched a 13-year high, raising pressure on the Federal Reserve, “whose officials have repeatedly said the increases...more
Realization, the long-standing hallmark of law firm performance, is ready for a makeover. While the metric is not inherently flawed, its calculation and application have been twisted, resulting in misinterpretation and...more
As happens in personal life (and certainly with recent headlines), law firm leaders frequently get side-tracked firefighting, acting on urgent tasks that distract from doing important things that will have a more impactful,...more
The Peer Monitor Index (PMI) just reported Q4 results from 2020, observing that the index hit its highest quarterly score in its history and further stating that “the legal industry finds itself … in its best health … in...more
As we enter December looking to conclude what surely is going down as the most bizarre year in our lives, we look to 2021 for normalcy (whatever normalcy means nowadays). Few things have come easy this year. But this wasn’t...more
In my last blog entitled Your Financial Performance Scorecard, I discussed four profit areas for law firms: (1) successful pricing and production, (2) effective financial hygiene, (3) balanced overhead and expense management,...more
Profitability Survey Background -
To help law firms think about profitability strategies and best practices, we recently finalized our second annual profitability survey with Iridium Technologies. We received 101...more
In January, I conducted a law firm sentiment survey inquiring how firms performed in 2019 and whether 2020 would bring more or less favorable results. The respondents indicated a very bullish 2020 forecast, with over 80% of...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
Are your lawyers abdicating their responsibility to manage rates, discounts, and cash collection cycles, creating unnecessary leakage and hurting your profit margins? Saying it differently, are you giving your lawyers the...more
Introduction -
In spite of recent stock market volatility and suggestions of economic slowing, we are entering 2019 with some momentum in the legal economy.[1] Industry data, like that from Peer Monitor, have reported...more