Law Firm Profitability

ON LEADERSHIP: “We decided that the firm needed to embrace the new normal,” say Timothy Volpe & Gif Thornton of Adams and Reese

We continue our bi-monthly column, On Leadership, created by Rose Ors for Thomson Reuters. Each installment will feature conversations with law firm CEOs or Managing Partners…

Rose D. Ors December 03, 2020

PMI Q3 2020 Analysis: Associate reductions impact all facets of the legal market

The large law firm industry regained some footing in the third quarter of this year, despite an environment of low demand, owing to positive factors…

Isaac Brooks December 02, 2020

A Measured Response: Revising Lawyer Compensation Models in a Distressed Economy

The Thomson Reuters Institute’s Law Firm COO & CFO Forum is the premier gathering of eponymous title holders, executive brethren, and esteemed industry partners for three…

The Thomson Reuters Institute December 01, 2020

European law firms can seize opportunity, if they’re ready to adapt, says new report

Before the pandemic rolled across Europe and the rest of the world, law firms there had been planning to address just one major challenge: What…

The Thomson Reuters Institute November 27, 2020

Time & tide: New and evolving job roles in the legal profession

An increasing number of law firms are utilizing multidisciplinary teams to solve client problems. And while the traditional partner and associate roles are still critical…

Zorik Pesochinsky November 25, 2020

If not now, when? Small law firms need to improve their business development

There’s a good reason I have written extensively about why small law firms need to improve their business development acumen. Small law firm leaders themselves…

Mark Haddad November 23, 2020

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

Law firm business leaders guarded on economy, bullish on the future, says new report

Law firms must be able to run effectively as a business. This has been true for a long time, and it has become all the…

Thomson Reuters Institute November 11, 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

Amid the pandemic, Big Law gains back some ground, according to Q3 PMI

The large law firm market recovered some ground in the third quarter amid cross-currents of low demand, high rates, and reduced expenses. These competing and…

Thomson Reuters Institute November 09, 2020

The more things change… the state of US small law firms in 2020

Small law firms are agile, adaptable, resilient, and yet, hesitant to change. Or so it would appear from the results of the 2020 Report on…

Mark Haddad November 04, 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