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 >
Business and professional services
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 >
5 trends from government services companies’ Q1 earnings calls
Through the start of 2021, the government services ecosystem buzzed with excitement around the Biden administration’s budget request and proposed infrastructure package. Contractors expect federal spending to flow toward initiatives such as IT modernization, supply chain risk management, cybersecurity and ... READ MORE >
5 trends from defense technology companies’ Q1 earnings calls
Companies in the defense technologies ecosystem began 2021 by continuing to closely monitor operations and supply chains while positioning for short- and long-term federal government modernization efforts. In fourth-quarter earnings calls hosted in late April and early May, top executives in the industry ... READ MORE >
5 trends from defense technology companies’ Q4 earnings calls
Defense technology businesses spent Q4 2020 focusing on the future of defense, as well as the technology and innovation required by the federal government to protect the homeland and compete with nation-state threats. These businesses simultaneously navigated the start of pandemic recovery while ... READ MORE >
5 trends from defense technology companies’ Q3 earnings calls
Defense technology businesses spent Q3 2020 shoring up their supply chains in the wake of the COVID-19 pandemic. These businesses simultaneously navigated the start of pandemic recovery, shifting election expectations and a continuing resolution. Top executives in the defense technology space ... READ MORE >
5 trends from government services companies’ Q3 earnings calls
Government services businesses have weathered the COVID-19 storm better than many other industry verticals but have still grappled with their own uncertainties. These businesses navigated the start of pandemic recovery, shifting election expectations and a continuing resolution in the third quarter of ... READ MORE >
Government services: Emerging trends from industry executives in the second quarter
The second quarter of 2020 saw the height of a global pandemic, the bottoming out of the U.S. economy and a variety of first-, second- and third-order consequences that varied by industry and sector. While the federal government is a reliable customer to serve amid a raging pandemic, federal contractors ... READ MORE >
What PPP loan data reveals about business and professional services and the economic recovery
Business and professional services (BPS) firms borrowed more Paycheck Protection Program loans through June than all but four segments of the U.S. economy. Industry executives took advantage of federal assistance in an effort to maintain their capabilities and client relationships by retaining their ... READ MORE >