It’s time for firms to adopt artificial intelligence, starting with their digital and data strategies. Those who delay will almost certainly be left in the past. … READ MORE >
Law firms are feeling pressure despite steady growth in demand and rates
Despite steady growth in demand for law services and lawyer billing rates in the first quarter of 2022, labor market challenges and inflationary pressures threaten profitability. … READ MORE >
Law firms navigating uncertainties can look to historically reliable indicators
Historically, real GDP and levels of activity involving initial public offerings and mergers and acquisitions have correlated to law service demand. So, although the true impacts of Russia’s invasion of Ukraine will not be understood for a while, law firms in search of clarity can look to those indicators. … READ MORE >
Law firms implementing new battle plan in war for talent: Spring 2022 outlook
Law firms that focus on improving productivity and justifying rate increases by bringing greater value to clients will reap the benefits of those strategic shifts long after labor challenges subside. … READ MORE >
Although U.S. jobs report outshined Canada’s, Canadian outlook remains promising
As the initial shock of the Feb. 4 Canadian jobs report wears off, it’s clear that Canada is still firmly on the road of strong economic growth in 2022 and is still in step with the United States. … READ MORE >
Law firms investing in technology aren’t just cutting costs. They’re building a multifaceted competitive advantage.
In a remarkable twist, law firms are using technology to combat the No. 1 self-perceived threat to profitability without really knowing it. … READ MORE >
Law firms are not guaranteed another profitable year despite strong demand and rate increases
Law firms aim to sustain profitability in 2021 by prioritizing existing clients and operations as opposed to investing in new business. … READ MORE >
Canadian law firms are losing talent to more lucrative U.S. jobs. How can they stop the exodus?
The red-hot labor market for lawyers in the United States is magnetizing Canadian lawyers eager to join their American counterparts on the quest for lucrative wage increases at U.S. firms. Canadian firms, meanwhile, have been slower to react with widespread wage adjustments, but we expect that to change in the coming months. … READ MORE >