Practice Finance

How to address financial challenges in a law firm succession plan

Many law firms have to plan for the eventual departure of increasingly large numbers of aging partners. Having a strong financial plan for these departures will help smooth the transition of leadership roles and operational responsibilities.

Dec 8, 2025 10:18 AM CST

Are you thinking about retirement? Now what?

Retirement is a significant life event that often inspires a mixture of fear, excitement and uncertainty. The ABA Senior Lawyers Division recently aired Stephen Herman’s documentary, Retirement on Trial: A Documentary and Panel Discussion for Lawyers Thinking About Their Next Stage, which examines retirement through the lens of lawyers who are both apprehensive and optimistic about this transition.

Dec 3, 2025 2:33 PM CST

McDermott acknowledges ‘fielding inbound interest’ from outside investors as it listens to new ideas

McDermott Will & Schulte said it is “fielding inbound interest” from outside investors after the Financial Times reported that the law firm is considering splitting off its back-office work into a managed service organization in which private equity could own a stake.

Nov 18, 2025 9:03 AM CST

2 BigLaw firms announce merger that will ‘leverage the power of AI’ to serve clients

Perkins Coie and Ashurst announced a planned merger Monday that will create a law firm with about 3,000 lawyers in 52 offices in 23 countries.

Nov 17, 2025 1:36 PM CST

How in-house counsel are increasingly turning to generative AI

Generative artificial intelligence has changed the practice and business of law in a short amount of time, and that’s especially been the case for in-house counsel.

Nov 12, 2025 9:19 AM CST

Blank Rome partner engaged in ‘secretive spying’ by accessing private computer files at ex-firm, suit alleges

A New York law firm has filed a lawsuit alleging that the former chief of its finance practice engaged in a pattern of “disloyal and improper conduct” that included a “secretive spying and cyberstalking campaign” against two firm leaders before he left the firm to become a partner at Blank Rome.

Nov 12, 2025 9:10 AM CST

Clio completes $1B acquisition of vLex and announces $5B company valuation

Legal technology leader Clio announced Monday that it completed its $1 billion acquisition of vLex, a legal intelligence and global research platform that includes Vincent AI.

Nov 10, 2025 11:04 AM CST

More firms are helping lawyers stress less over money

Zooming in on the legal profession, 67% of all young lawyers and 68% of young lawyers with student loan debt feel stressed or anxious because of their finances, according to a 2024 survey by the ABA Young Lawyers Division. The survey also found early career lawyers with high debt are delaying marriage and having children and are struggling to reach savings and investment goals.

Nov 3, 2025 2:14 PM CST

Responding to merger talks claim, Cadwalader says ‘we regularly evaluate our strategy,’ but finances are strong

Cadwalader, Wickersham & Taft told Law.com that it has hired 75 attorneys in 2025 and expects to have one of its best financial years in history with expected revenue of more than $600 million.

Oct 29, 2025 9:31 AM CDT

C-suite executives use generative AI, tech adoption and training to shape next generation of legal services

Ari Kaplan recently spoke with Olivia Mockel, the chief brand and market strategy officer at SurePoint Technologies; Debbie Foster, the CEO of the Affinity Consulting Group; and Laura Wenzel, the global marketing and insights director at iManage.

Oct 28, 2025 9:03 AM CDT

Ex-BigLaw partner gets suspension for $3.4M in ‘artificially inflated’ client bills

A former partner at two international law firms was suspended last month for inflating client bills by $3.4 million over the course of more than 20 years.

Oct 7, 2025 3:19 PM CDT

37 lawyers from this BigLaw firm are joining Orrick

Thirty-seven lawyers have jumped to Orrick, Herrington & Sutcliffe from Cadwalader, Wickersham & Taft.

Oct 7, 2025 9:49 AM CDT

Which law firms are most conservative and most liberal? See the ranking

BigLaw firms are moving further to the left, according to an analysis of campaign contributions by lawyers and staff members in BigLaw and larger plaintiffs-side law firms.

Sep 30, 2025 12:50 PM CDT

Husch Blackwell accused of using employee 401(k) contributions for months to cover operating expenses

A would-be class action lawsuit filed Tuesday alleges that Husch Blackwell engaged in “a deliberate scheme” to temporarily use its employees’ retirement plan contributions for its benefit in violation of the Employee Retirement Income Security Act.

Sep 17, 2025 9:19 AM CDT

Equity partner profits jump 13.7% in first half of 2025 amid rising law firm revenue

Law firms held the line on equity partner ranks in the first half of 2025 as revenue increased, helping profits per equity partner increase 13.7% from the same period last year, according to a six-month survey of mostly larger firms by Wells Fargo’s Legal Specialty Group.

Aug 27, 2025 8:58 AM CDT