News & Analysis as of

Law Practice Management Billing

Mitratech Holdings, Inc

[Webinar] Corporate Legal Corner - August 20th, 11:00 am - 12:00 pm ET

Join us for the summer edition of Mitratech’s Corporate Legal Corner, a virtual event series and tech expo where legal professionals are invited to attend an expert-led panel discussion followed by solution-focused breakout...more

LawVision

Mirage or Oasis? Preparing for FY2025 Winter Pricing in the Summer Heat

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As summer peaks with days hitting a sweltering 100 degrees, it might be challenging to think about the heart of the fiscal 2025 winter season. Our strategic pricing calendar reminds us that this time of year presents an...more

Mitratech Holdings, Inc

[Webinar] Corporate Legal Corner (Virtual Panel + Tech Expo) - June 20th, 8:00 am PT

Rates are up, but budgets are down. It’s not a new story, but the continued increase of law firm rates (up to $2,500/hr for partners at some firms!) amid the typical budget constraints has increased the pressure (to a fiery...more

LawVision

The Scariest Chart on the State of the Legal Industry

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Do you want to see something scary? Borderline terrifying? Foreshadowing of major, inevitable changes in the practice and business of law? Take a look at this horror-show of a chart from the Thomson Reuters Institute &...more

LawVision

Navigating the Year with Strategic Pricing in Law Firms

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Strategic pricing within law firms is more than just setting rates; it is a year-round endeavor that aligns with the firm’s pursuits, understands industry market cycles, factors practice innovation, and, most critically,...more

Esquire Deposition Solutions, LLC

Using Technology to Trim Litigation Costs

The emergence of artificial intelligence as a critical legal technology has prompted discussions among law firm leaders regarding how AI usage should be disclosed to clients and who – the law firm or the client – should...more

LawVision

Your Strategic Pricing Execution Checklist

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As the year begins, law firms transition their pricing focus from the planning stage to execution. In the second half of 2023, firms were busy evaluating their rates and pricing strategies to prepare for 2024. Currently, the...more

LawVision

The Math Behind Declining Work Ethic

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It seems like most discussions of law firm productivity these days – from Partners to paralegals – include references to declining billable hours, which are further extended into comments on declining work ethic. Sadly, such...more

LawVision

Mastering the Art of Rate Execution in the Legal Landscape of 2024

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As we usher in 2024, the echoes of 2023’s law firm successes and challenges still linger. Last year, we observed mixed demand, gnawing expenses, the AI frenzy, and talent scarcity. In that tumultuous terrain, I frequently...more

LawVision

The Nuances of Multi-Tiered Rate Structures: Unraveling the Complexity

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I occasionally receive questions about multi-tiered rate structures, which prompted my focus this week. RATE TIER STRATEGY DEFINED Rate tiering is a pricing strategy where law firms offer different rate schedules for their...more

Nancy Myrland - Myrland Marketing & Social...

What Will Artificial Intelligence Do To Hourly Billing In Law Firms?

It’s time to discuss the impact of artificial intelligence on the traditional billing structure in the legal profession. With the rise of AI and Generative AI technology and its potential to streamline tasks and matters, it...more

LawVision

Building Stronger Client Bonds Through Strategic Rate Setting

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Following up on my recent piece about navigating the complex landscape of 2024 law firm rate setting, I’d like to delve deeper into the symbiotic relationship between law firms and their clients, especially when discussing...more

LawVision

Navigating the Complex Landscape of 2024 Law Firm Rate Setting

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“The moment you make a mistake in pricing, you’re eating into your reputation or your profits,” wisely stated Katherine Paine, emphasizing the critical importance of understanding the strategic value in pricing. As we look...more

Mitratech Holdings, Inc

[Webinar] Optimizing Legal Spend in TeamConnect & Acuity: Leveraging Structured Data and AI Through Managed Bill Review - August...

Too much legal spend data, not enough actionable analytics. Sound familiar? Spend less time reviewing invoices and uncover 2-3x ROI with AI-driven line-item categorization + human expertise. Join our upcoming webinar for...more

Mitratech Holdings, Inc

[Event] Interact 2022 - August 14th - 17th, Nashville, TN

Exclusive roadmap reveals, immersive Q&A with top product & industry experts, live product demos, electrifying presentations, co-innovation opportunities, and so much more— all coming to you live from the heart of Nashville,...more

Epiq

How to Get the Most out of Your Legal Billing Data

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Legal billing data contains a goldmine of valuable information. The objectivity inherent in the data, when properly presented, can enhance trust, create opportunities for open discussion, and encourage transformational...more

Esquire Deposition Solutions, LLC

The Opportunity and Imperative for Post-Pandemic Legal Innovation

Lawyers can profit from taking a deep interest in their clients’ affairs, not only to anticipate their legal services needs but also to appreciate — and adopt, perhaps — the clients’ approach to business and service...more

Epiq

3 Myths about Outside Counsel Billing

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When it comes to the law, we work in an aspirational space. We work with bright, talented, and motivated people who are known for being the best in their practice area. These talented folks are intellectual, uber-thinkers who...more

LawVision

Pricing 2.0 – Beyond the Billable Hour

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I am enjoying the discussion going on these days about hourly billing. Rachel Barnett of Brooks Brothers recently outlined a well-articulated view of the negatives of the billable hour. Colin Jasper then turned the topic...more

Epiq

Maximize the Impact of Your Legal Invoice Review Process

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After a wild ride through COVID-19, economic uncertainty, and political turmoil during 2020, legal departments are gearing up to enter an altered landscape in 2021. With firms making sweeping changes and law departments...more

Jaburg Wilk

In Business to Have a Profit

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JW Way Fundamental #23: Always remember that we are in business to serve our clients’ profitably.  "The happier our clients are the more likely we are to get paid. Pay attention to billings and to receivables. There is no...more

Mitratech Holdings, Inc

5 Signs You Should Break Up With Your Current Legal Management Software

We’ve all reached a point in our lives, be it in the workplace or in a relationship, where we know something needs to change. The love’s no longer there, a partner – or software – no longer meets your needs or your current...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Let it go

One thing I’ve learned over time is not to bottle up anger. Ever since I was a kid, I was passive-aggressive, I wouldn’t confront people with issues that bothered me and I’d bottle it up until I blew up later down the line. I...more

Goodwin

Firm’s collection letter violated Fair Debt Act

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A North Attleborough law firm violated the Fair Debt Collection Practices Act when it sent a collection letter which included implied threats to sue that could have confused the debtor as to her statutory right to dispute the...more

Robins Kaplan LLP

Move Over, Billable Hour; There's a New IP Fee Arrangement in Town

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The practice of law has changed greatly over the past decades. We have witnessed great growth in solo and small firm practice, as well as a large movement to in-house practice. We are even seeing growth in freelance attorneys...more

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