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 >
Business and professional services
Environmental and facilities services see a sunrise powered by legislation, automation: Spring 2022 outlook
- For environmental services firms, opportunities abound from the Infrastructure Investment and Jobs Act. - Environmental services firms and waste management companies are investing in technologies that can either replace talent they’ve lost or enhance the productivity of talent they’ve retained. - Data ... 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 >
Business and professional services industry outlook: Spring 2022
Technology is beckoning business and professional services firms that are feeling squeezed by ongoing labor challenges. Whether higher salaries are cutting into profitability or job vacancies are outnumbering qualified applicants, digital solutions—specifically those that automate nonbillable or tedious ... READ MORE >
Workforce solutions firms see growth opportunities following banner 2021
Companies in all industries have become increasingly focused on the overall talent experience. Recruiting, developing and retaining skilled talent are top-of-mind for executives. As those issues persist, we expect companies to turn to staffing firms to supplement their recruiting efforts. And as companies ... READ MORE >
Staffing firms thrive amid wage inflation and labor shortages
Staffing firms continue to adapt to challenges caused by the pandemic, becoming more agile and tapping into new revenue streams while finding ways to increase employee productivity. Firms are benefiting from wage inflation, strong mergers and acquisitions activity, and previous investments, according to ... READ MORE >
Environmental services and the $1.2 trillion infrastructure package
President Joe Biden on Nov. 15 signed a $1.2 trillion infrastructure package—The Infrastructure Investment and Jobs Act—that provides historic funding levels to improve public works, including roads, bridges, highways, internet access and the power grid, as well as to mitigate the effects of climate ... 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 >