Billing & Pricing

Rise in worked rates in 2020 fueled by proportional shifts

There is much evidence that the large law firm market finds itself at a crossroads. Evidence of the approach toward a tipping point was laid…

Joe Blackwood February 08, 2021

New Video: Focusing on client-driven changes to law firm pricing

Cash flow is always a prime consideration for law firms, as they are essentially a cash-driven business with little in the way of reserve capital.…

Thomson Reuters Institute November 18, 2020

Are Legal Pricing and Legal Project Management becoming victims of their own success?

I recently had the pleasure of moderating a fascinating discussion on the evolution of the pricing professional and the use of technology for matter pricing…

Rob Stote November 16, 2020

Collaboration is key to maximizing share of clients’ legal spend

Many law firms dream of gaining a larger share of their clients’ legal spend, especially during difficult economic times like the market is experiencing now.…

Lisa Hart Shepherd November 09, 2020

How to get more than your fair share of client spending

All successful law firms have one thing in common: The client base acts as the beating heart and the driving force for change. And the…

Genna Stainforth November 02, 2020

COO & CFO Forum: The legal industry is learning to do hard things

The COVID-19 pandemic and economic crisis that ensued has dramatically altered how law firms have done business over the past eight months, and law firms…

Gregg Wirth October 29, 2020

Successful law firms protect productivity with savvy and strong teams, according to the 2020 Dynamic Law Firms Report

What drives a successful law firm? Often, the answer involves learning from the success of other law firms. Lawyers are steeped in a culture that…

Thomson Reuters Institute October 22, 2020

Alternative fee arrangements in the legal industry: Recognizing firms that excel

While the popularity of alternative fee arrangements (AFAs) seemed to have plateaued in recent years — at least in terms of AFAs as a percentage…

Bill Josten September 28, 2020

Understanding how the client’s business makes money: A critical step for all lawyers

Amid the current pandemic crisis, the impact felt by law firms and their clients has been great; and this pressure has ratcheted up the necessity…

Nancey Watson September 24, 2020

PMI Q2 analysis: Top of market law firms largely driving rate growth

The second quarter of 2020 was marred by near unprecedented global uncertainty. The COVID-19 pandemic was still in its infancy, and no one at the…

Joe Blackwood September 17, 2020

Why collaboration is (usually) doomed to fail — and how to buck the odds

The economics are straightforward: Those law firms that are able to serve corporate legal buyers in more work types and across more geographic areas can…

Jen Dezso August 24, 2020

The Am Law 200: “Envy and its Discontents”

This 3-part series was written by Bruce MacEwen and Janet Stanton of Adam Smith, Esq. In the previous installment of this three-part series analyzing the recently…

Thomson Reuters Institute August 19, 2020