By Andrew Maloney | January 9, 2024
"Many law firms have seen their ability to collect on those increasing rates falter, and clients have become more aggressive about trying to tier work to lower-cost firms," according to a new industry report.
The American Lawyer | Analysis
By Andrew Maloney | January 3, 2024
Law firms will need to make harder choices if they want to keep up, but many firms are too tepid about where to drill down, noted consultant Kristin Stark.
By Max Mitchell | December 11, 2023
The cautious outlook jibes with what firm leaders said about their revenues this year. Fewer reported seeing revenue increases than at any point since the pandemic.
By Andrew Maloney | December 7, 2023
The average annual growth in income partner classes at some of the most profitable firms between 2017 and 2022 was 13.4%, while at other large, two-tier partner firms, it was 4%, according to a report this week.
The Legal Intelligencer | Analysis
By Amanda O'Brien | December 7, 2023
Dips in transactional work translated into a mixed-bag of financial results for Pennsylvania's Am Law 200 firms in 2022, as they returned to reality after 2021's glut of hiring, transactional work, and revenue increases.
By Andrew Maloney | December 6, 2023
Firms can anticipate a rebound in transactional practices heading into 2024. "As such, we expect 2024 to be a better year than we saw in 2023," said Citi and Hilderbrandt Consulting in a new report.
The American Lawyer | Analysis
By Andrew Maloney | December 4, 2023
Even before some firms embraced associate salary increases, the legal industry appeared less optimistic heading into 2024 than they were going into 2023, according to a recent survey.
The Legal Intelligencer | News
By Justin Henry | November 29, 2023
Other Am Law 50 firms with roots in Pennsylvania did not respond to inquiries about whether they'd also be raising associate salaries.
By Andrew Maloney | November 21, 2023
Law firms will try everything in their control, such as setting up so-called milestone payments on next year's work or using discounts to incentivize payment of outstanding bills.
The Legal Intelligencer | Analysis|News
By Amanda O'Brien | November 20, 2023
"Gross revenue was up 4.5%—even though rates did contribute to that, overall demand was worse," Wells Fargo's Owen Burman said of the Q3 results of six Philadelphia-based firms surveyed by the bank. "In order to have revenue be around the same point, they've basically collected better at this point in the year than other firms have."
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