The term artificial intelligence was first coined in the 1950s. But until recently, the adoption of the technology was confined to fantastical Hollywood movie scripts, or it appeared in the musings of a select few software engineers and innovative CIO strategists. Today, artificial intelligence is a daily ... READ MORE >
Law firms are feeling pressure despite steady growth in demand and rates
Law firms are holding on tight to the roller coaster that is 2022. In November 2021, RSM explained that law firms were not guaranteed another profitable year despite strong demand and rate increases. Fast forward to May, when the Thomson Reuters Law Firm Financial Index (LFFI) for the first quarter of ... READ MORE >
Law firms navigating uncertainties can look to historically reliable indicators
Law firm executives contending with fresh economic uncertainties can look to some reliable indicators to gauge how recent unforeseen shocks could affect their firms in 2022. Historically, real GDP and levels of activity involving initial public offerings and mergers and acquisitions have correlated to ... READ MORE >
Law firms implementing new battle plan in war for talent: Spring 2022 outlook
- Law firms are recognizing that salary increases are not sustainable because of lasting impacts on profit margins, and they’re updating their workforce strategies accordingly. - As lawyer billing rates increase, clients will value productivity and efficiency from their law firms more than ever. - ... READ MORE >
Although U.S. jobs report outshined Canada’s, Canadian outlook remains promising
Recent jobs reports have left some Canadians feeling out in the cold, especially when comparing numbers to our neighbors in the United States. However, as the initial shock of the Feb. 4 Canadian jobs report wears off, it’s clear that Canada is still firmly on the road to strong economic growth in 2022 ... READ MORE >
Law firms investing in technology aren’t just cutting costs. They’re building a multifaceted competitive advantage.
The importance of profits for law firms traditionally has elevated the need for a strong business case supporting any initiative to implement new technology. For firm executives to agree to spend, they want to be sure of an impressive return on investment that will save the firm money overall. While ... READ MORE >
Law firms are not guaranteed another profitable year despite strong demand and rate increases
Many law firms enjoyed tremendous financial success in 2020 despite the pandemic. Although demand for law firm services at its nadir was 5.9% lower than the same period in 2019, profits per equity partner in midsize firms finished the year up approximately 6%, according to Thomson Reuters data. How did ... 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 ... READ MORE >