Good use of data is a differentiator, helping organizations act smarter and faster. But these ideas beg deeper questions....more
While we are in the early days, 2022 has already delivered many gifts to us, including stock market volatility, high inflation, the advent of military conflict, and continued law firm associate salary “wars.” Yet law firm...more
A recent AP news headline indicated that the price of cars, gasoline, restaurants, food, and other goods matched a 13-year high, raising pressure on the Federal Reserve, “whose officials have repeatedly said the increases...more
Iridium Technology and LawVision recently released the results of our 3rd annual law firm profitability survey that assessed the sentiment and performance of large law firms in the heart of the pandemic....more
Realization, the long-standing hallmark of law firm performance, is ready for a makeover. While the metric is not inherently flawed, its calculation and application have been twisted, resulting in misinterpretation and...more
As happens in personal life (and certainly with recent headlines), law firm leaders frequently get side-tracked firefighting, acting on urgent tasks that distract from doing important things that will have a more impactful,...more
Changing Legal Last week I announced my role as a co-founding member in the Changing Legal (CL) think tank (link). CL seeks to reduce friction in legal, thereby enabling faster change. The group will advance creative pricing...more
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
The Peer Monitor Index (PMI) just reported Q4 results from 2020, observing that the index hit its highest quarterly score in its history and further stating that “the legal industry finds itself … in its best health … in...more
As we enter December looking to conclude what surely is going down as the most bizarre year in our lives, we look to 2021 for normalcy (whatever normalcy means nowadays). Few things have come easy this year. But this wasn’t...more
In my last blog entitled Your Financial Performance Scorecard, I discussed four profit areas for law firms: (1) successful pricing and production, (2) effective financial hygiene, (3) balanced overhead and expense management,...more
Financial Performance Diagnostic Metrics and accountability are essential parts of your law firm’s performance. But not all are created equal, nor do all have the same impact on your firm’s bottom line and your specific...more
Profitability Survey Background -
To help law firms think about profitability strategies and best practices, we recently finalized our second annual profitability survey with Iridium Technologies. We received 101...more
To help law firms think about pricing strategies in the wake of the pandemic, we recently conducted a pricing analytics flash survey, with our partner Clocktimizer, to explore pricing capabilities, priorities, and thinking...more
In January, I conducted a law firm sentiment survey inquiring how firms performed in 2019 and whether 2020 would bring more or less favorable results. The respondents indicated a very bullish 2020 forecast, with over 80% of...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
Industry events related to the Covid-19 pandemic continue to unfold before our eyes. But law firms and other businesses soldier on (mostly from our remote offices) to support and serve our valued clients. Maintaining a...more
We invite you to participate in the 2020 Rates and Pricing Analytics Flash Survey by LawVision and Clocktimizer. LawVision and Clocktimizer are conducting a 2020 Rates and Pricing Analytics Flash Survey. This survey assesses...more
Are your lawyers abdicating their responsibility to manage rates, discounts, and cash collection cycles, creating unnecessary leakage and hurting your profit margins? Saying it differently, are you giving your lawyers the...more
For many law firms, 2019 was a good year, as improving demand and effective pricing strategies supported bottom-line results. As we look to 2020, profitability remains a hot topic for most law firm leaders. The industry is...more
Mark Twain is often reputed to have stated that “history doesn’t repeat itself, but it often rhymes.” This phrase comes to mind when reading recent reports from The American Lawyer on the performance of large law firms in...more
Introduction -
In spite of recent stock market volatility and suggestions of economic slowing, we are entering 2019 with some momentum in the legal economy.[1] Industry data, like that from Peer Monitor, have reported...more