- 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
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 >
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 >