Technology focus: Blissful ignorance
Effectively financial reporting is a vital component in the successful management of a law firm through an economic downturn, ut too few partners are taking the time to evaluate their firm's position. Justin North looks at how the right technology can help
Unfortunately for all of us, high-profit margins are not necessarily guaranteed in the current market. This can be attributed to any number of individual or a combination of factors, a majority of which are closely aligned with the increased levels of external competition. Factors such as the decreased level of client loyalty, the competitiveness of panel membership, the growth of in-house representation and the pressures caused by the growing divide between the first and second tier firms, all contribute to the pressures a firm faces in its struggle to maintain profitability.
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