An article in a recent issue of the Am Law Daily authored by Dan Pietro and Gretta Rusanow at Citi Private Bank’s Law Firm Group indicates that more doom and gloom may lie ahead for law firms. Demand growth has slowed, inventories of unbilled time have grown little from the prior year, which is not a good omen for future collections, and signs indicate that realization will decline during the remainder of 2012, squeezing profit margins even further.
In light of this dire prediction, below are several strategies that lawyer-managers should consider to cope with these difficult times.
