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
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 >
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 tasks—can help increase productivity and boost the bottom line. … 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 >
What PPP loan data reveals about business and professional services and the economic recovery
The trajectory of the U.S. real economy hinges on the health of business and professional services firms and their ability to continue to employ many Americans. … READ MORE >