Practice Finance

28 ABA Journal Practice Finance articles.

As its workforce shrinks, this BigLaw firm restores salaries and reorganizes
Bryan Cave Leighton Paisner has cut 4% of its global workforce and reorganized practice groups since undertaking a strategic review last year.
6 key numbers that can diagnose the financial health of your law practice
Do you know how many billable hours you can devote to a new case? Or whether you need to add another attorney to your firm? Can you afford to take time off from your practice, and if so, how much? If you're one of the lawyers who is kept up at night with worries about your firm's finances, you are not alone.
Overbilling suit alleges K&L Gates used these techniques to increase fees
An overbilling lawsuit filed against K&L Gates on Monday alleges the law firm used multiple techniques to increase its fees fraudulently while representing a company in a suit over a failed lease agreement.
How to raise money during a pandemic: ‘These are the days for legal tech,’ CEO says
Ari Kaplan recently spoke with Michael Grupp, the founder and CEO of Bryter, a no-code platform for building digital applications in the legal and compliance sectors, about raising money in legal technology during a pandemic.
Ex-client’s lawsuit alleges DLA Piper revealed ‘strident double-dealing’ in mistakenly sent email
A lawsuit filed by a former client against DLA Piper on Monday alleges that the law firm revealed a conflict of interest in a mistakenly emailed invoice.
Why this lawyer increased his fees during the COVID-19 pandemic

As 2020 began, lawyer Robert Theofanis was hitting his stride and thought it was time to increase his fees. He decided to hold off on increasing fees until after he updated his website with new marketing content. Then the COVID-19 pandemic hit.

Law firm revenue takes nosedive during COVID-19, new survey data shows
Roughly 81% of law firms have seen their revenues drop during the COVID-19 pandemic, with 27% of firms in that category reporting they have seen business decline by more than half, according to a new survey by Martindale-Avvo.
Coronavirus cancellations mean revenue loss, potential liability

The designation of COVID-19 as a pandemic has affected tens of thousands of business and consumer contracts. Lawyers were suddenly swamped with questions about contractual provisions for delays or cancellations, and they found themselves immersed in force majeure provisions, common law doctrine and specifics on business interruption tucked away in insurance agreements.

Is there a law-firm rate bubble? Peer Monitor notes concerns, but sees few indications of trouble
Law firm billing rates have reached “lofty levels,” raising concerns in some quarters that they are in a bit of a bubble, according to a report issued on Monday.
Lawyer accused of billing more than 24 hours per day is found in Nicaragua
Authorities have arrested a suspended Charleston, West Virginia, lawyer who went on the lam in 2016 after he was accused of billing the state for indigent defense work that he didn’t perform.
Too big too soon: How LeClairRyan went under

While there was no single point of failure, undisciplined acquisitions, ad hoc and expensive compensation schemes, and financial mismanagement coalesced to bring LeClairRyan’s ruin, several former shareholders say. Its demise—one of several firm failures in the last decade—is as much a story about a single firm as it is a warning to others in a softening economy.

Company that promised to revolutionize legal services confirms layoffs of most of its legal staff
Atrium, a company that launched in 2017 with the promise of transforming the delivery of legal services, has laid off most of its legal staff in a restructuring.
The financial costs for firms when women and minority lawyers leave

In this new episode of Asked and Answered, Ripa Rashid of Culture at Work talks to the ABA Journal’s Stephanie Francis Ward about how can firms keep female and minority lawyers from leaving and the potentially high cost if and when they depart.

Suit claims BigLaw firm took over corporate client’s finances and took advantage of its impaired CEO
A lawsuit filed Thursday claims that Akin Gump Strauss Hauer & Feld and its lawyers took advantage of a corporate CEO who was suffering from substance abuse and mental health problems.
Legal jobs take another leap and hit 10-year high; what’s driving the increase?
The legal industry gained 2,900 jobs in November, according to new seasonally adjusted figures from the U.S. Bureau of Labor Statistics.

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