Law Firm Profitability

Peer Monitor Economic Index Holds Steady for Second Consecutive Quarter

EAGAN, Minn.—The Peer Monitor Economic Index (PMI), which measures the relative health of the legal marketplace, was unchanged for the second consecutive quarter, holding steady…

Peer Monitor August 06, 2015

The Law Firm of the Future, Part 1 — What is Needed?

What should the law firm of the future look like? With all the change underway, all the unmet needs of the market, and all the…

Ralph Baxter August 05, 2015

Meeting People is Easy—A Discussion on Thought Leadership Events with Thomson Reuters’ Nicholas Giannini

As the old saying goes, “It’s not what you know, but who you know.” And while there are certainly no shortage of networking events out…

Alex Cook August 05, 2015

The A-List: Measuring More Than Money

The American Lawyer magazine announced its annual “A-List” this week, recognizing 20 American law firms which it calls the “new elite.” It is interesting to…

Ralph Baxter July 28, 2015

Second Annual Law Firm Financial Performance Forum: New Metrics and New Models

I am looking forward to chairing Thomson Reuters Legal Executive Institute’s Second Annual Law Firm Financial Performance Forum on September 18 in New York. Last…

Ralph Baxter July 07, 2015

Embracing Design: Accelerating Progress in Legal Technology

I have written previously about the disappointing pace of adoption of legal technology. Powerful new tools have been developed, and more are being created every…

Ralph Baxter June 30, 2015

The Most Recommended Law Firms: a BTI Consulting Report

Last week BTI Consulting shared why only 33.3% of corporate counsel recommend their primary law firm to a peer—a task they do not take lightly. Recommendations are personal…

BTI Consulting June 25, 2015

Mistakes to Avoid as a New Firm Leader

New firm leaders tell me that they are operating in a bewildering and different environment in which little is certain, the tempo is quicker and…

Patrick J. McKenna May 27, 2015

Compensation and Feedback Convey Critical Messages to Lawyers

Many law firms spend a lot of time and energy focusing on the form of their compensation system and on the fairness with which they…

John M. Westcott, Jr. May 21, 2015

Why Law Firms Need Non-Executive Directors

Until recently and certainly before the failure of Howrey and then Dewey & LeBoeuf, the bankruptcy of a large law firm had been regarded as…

Patrick J. McKenna May 07, 2015

A Framework for Managing Change

Most people in the legal industry feel like they’re finally starting to get a handle on all the various things that have been changing in…

Bill Josten March 19, 2015

RULES of Law Firm Profitability, Part 2

In my previous blog post, I discussed the basic levers of profitability, which are commonly referred to as RULES—Rates, Utilization, Leverage, Expenses and Speed. I…

John M. Westcott, Jr. February 11, 2015