As many firms and leaders look towards the end of 2023 they must navigate budgeting, compensation and performance reviews, race to bill and collect final dollars, and identify key priorities for 2024. In our 2023 Am Law series of articles we have covered topics of collections, practice management, knowledge management/marketing/BD, and data & technology to help leaders find no/low cost ideas to get ahead. With big decisions to be made soon about 2024, this summary of takeaways will help leaders create and guide a strategic, planful approach to solidifying success in 2023 and setting up your firm for success in 2024 and beyond.

Where we find ourselves nearing the end of 2023:

  • Uncertainty remains, but firms have proven in recent years that they can succeed in the face of uncertainty.
  • The legal market has remained resilient in the face of external threats and uncertainty (ex. inflation, recession fears, global conflicts etc.).
  • The pace of data and technology disruption continues to accelerate and firms are exploring the opportunities and impacts of technologies like AI, ChatGPT, among others on business operations, risk, and clients.
  • The broad talent crunch has subsided, but movement of partners and practices continues.
  • M&A activity remains low, but more likely to improve than get worse.
  • 2023 profits may be down slightly, but revenue is healthy and we may be returning to pre-pandemic profitability levels given T&E expenses and IT investment.
  • Tailoring year-end messaging to position key initiatives set for 2024.

Focus Areas To Help Firms Finish Strong In 2023