Law firms showed resilience in 2023, taking advantage of shifts in market demand and aggressively raising rates while exercising restraint in costs, particularly talent costs for associates. This balanced approach of managing for both topline growth and cost controls paid dividends for firms; if they continue to successfully execute on those strategies, the market is …
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profitability
Law Firm Recovery Continues: Takeaways from Q2 2023 Thomson Reuters Law Firm Financial Index
The strong start for the law firm market in 2023 continued in the second quarter with robust rate growth and demand up for the second consecutive quarter. These are among the findings of the Q2 2023 Thomson Reuters Law Firm Financial Index (LFFI) powered by Financial Insights. Legal Current highlights top takeaways from the report, …
- August 7, 2023
- Carrie Brooker
2018 Legal Executive Forum: Shining a Light on Law Firm Profitability
The 2018 Legal Executive Forum kicked off with a presentation by Dr. Evan Parker, who explored the use of statistical models to illuminate a law firm’s profitability drivers and differentiators. Parker, managing director of Analytics & Research, LawyerMetrix, provided specific examples for how his company uses data science to help its clients set their “profitability …
- June 14, 2018
- Alex Cook
Solving the profitability problem
While overall demand for legal services is increasing, the share of corporate legal department spend going to large law firms is declining. The recent Great Recession redefined the approach corporate counsel employ in allocating legal spend. Corporate legal departments got innovative by necessity—finding high value in specialty law firms, bringing more work in-house, and by …
- August 6, 2015
- Susan Martin
Threats to profitability and opportunities for growth: A survey amongst the UK’s top 100 law firms
What do finance directors view as the most significant threats to commercial law firms’ profitability in the year ahead, and conversely, what are the key areas of growth? Thomson Reuters recently posed these questions, among others, to finance directors at some of the top 100 law firms in the UK in an annual survey. The …
- April 24, 2014
- Paul Sandell
