Although the economy has rebounded since the recession of the last decade, the operation of law firms—as a business—still presents challenges. Above all, attorneys need to ensure that when they are operating their practice as a business, they do not run afoul of ethical obligations.
Clients continue to press for “cost containment.” In many areas, cost containment translates into downward pressure on rates, more deductions and slower payments for amounts outstanding. In some situations, “cost containment” means tighter litigation management guidelines. In others, in-house counsel are insisting on stricter attorney accountability for budgeting and shared consequences when actual legal expenses exceed budgeted expenses.
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