ABA Journal

Practice Finance

59 ABA Journal Practice Finance articles.

Former Lewis Brisbois executive criticized firm’s financial practices in 2019 claim

The former chief operating officer of Lewis Brisbois Bisgaard & Smith has alleged in an August 2019 whistleblower letter that he was fired after raising concerns about the law firm’s financial practices.

Law firms see ‘bifurcated recovery’ with strengths and challenges varying by firm size

The nation’s top 100 grossing law firms are experiencing different financial strengths and challenges than midsize firms in a “bifurcated recovery,” according to a Thomson Reuters report released this week.

What some BigLaw firms are doing that makes them look more profitable

Ninety-eight of the nation’s top 100 law firms had 44 fewer partners last year than in 2021, continuing a long-term trend of firms “pulling up the ladder,” according to an analysis by Bloomberg Law.

Which firms snagged top spots for gross revenue, profits per lawyer and equity partner?

Fifty law firms had gross revenue of $1 billion or more in 2022, including 18 firms with more than $2 billion in gross revenue, according to the latest rankings published by Law.com.

Work slowdown is just one reason for 2022 profit drop among Am Law 200 firms

Profits decreased by double-digit percentages for many law firms in the Am Law 200 in 2022, but the blame is not entirely with a work slowdown.

What attorneys need to consider financially about their retirement

The transition into retirement is a major life change for attorneys. I know because I just went through this process. You need to be aware that retirement is a process, and there are some upfront considerations that are unique to lawyers before taking the plunge to leave work. As an attorney, you’re likely well aware of the lawyer’s mantra: prepare, prepare, prepare. This could not be more appropriate with a slight adjustment: prepare, plan and pamper.

Lawyer profits at major firms slide with big drop in productivity in fourth quarter of 2022, new report says

Law firm productivity in the fourth quarter of 2022 decreased 7.2% since the same period in 2021, a decline“equal to the depths of the pandemic lockdown,” according to a report released Tuesday.

Is crypto payment a good deal for law firms?

Adoption of crypto among law firms is still slow, though some big firms, such as Steptoe & Johnson, have publicized that they accept it.

Your law firm’s fee structure can affect financial planning

A firm’s chosen fee structure and how its finances are handled can lay the foundation for the entire life of the business and sometimes provides early indicators in determining whether it will grow and thrive or eventually crumble.

What most worries law firm business leaders? Cyberattacks, economy and associate pay, new report says

The possibility of cyberattacks is cited most often as a high concern for law firm business leaders, followed by risks caused by high associate salaries and general economic pressures, according to a report released Thursday.

Law firms experience downturn in profits in first half of 2022, new survey says

Law firms are experiencing new challenges in 2022 as their profits decreased and expenses increased, according to new data from Wells Fargo’s Legal Specialty Group.

Lawyer faces 5-month suspension for lying about capital contribution to law firm

The founder of an Illinois law firm is facing a five-month suspension for “engaging in conduct involving dishonesty, fraud, deceit or misrepresentation.”

Law firm profitability continues to decline as M&A work slows, Thomson Reuters report says

Waning demand for legal services and a rebound in expenses are contributing to a continued decline in law firm profitability in 2022, according to the Thomson Reuters Law Firm Financial Index.

Some BigLaw firms will cover travel costs for abortions

Several larger law firms plan to cover the cost of travel for employees' abortions following the U.S. Supreme Court's June 24 decision overturning Roe v. Wade.

Law firm profitability ‘dropped markedly’ in first quarter amid 12% hike in associate compensation

Law firm profitability decreased in the first quarter of the year, as direct expenses increased 13.1% and overhead increased 9.9% from the same period last year, according to the Thomson Reuters Law Firm Financial Index.

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