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.
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 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.
Nine more BigLaw firms have joined the American Lawyer’s “Super Rich” list, released this week, along with the publication’s list of the 100 top-grossing law firms in 2021.
Maryland’s highest court has disbarred a lawyer who allegedly squandered the second chance that he was given when his law firm first discovered that he had falsified an expense report. The Maryland Court of Appeals disbarred lawyer Keith M. Bonner.
Do you want to fight for your clients but are short on cash? Call litigation finance groups today and get $500,000 or significantly more! But not if you have public discipline, bad credit, too much debt or a dog case. Or if the other side is known for slash-and-burn legal tactics. Or if it looks like your case won’t bring in enough damages to satisfy the client after the funder gets paid.
Ari Kaplan recently spoke with Rob Stote of BigHand, Michael Grupp of Bryter and Tom Obermaier of SurePoint Technologies about the recent report that the three companies commissioned to identify key trends among law firm financial leaders.
Lawyers who received litigation funding from Pravati Capital are sometimes tripped up by contract provisions that leave them owing more than double the amount that they borrowed.
Lawyers and staff members at top law firms overwhelmingly favored President Joe Biden and Democratic Party organizations in campaign contributions than former President Donald Trump, according to a law professor’s analysis.
By many accounts, law firms got through the financial challenges of 2020 by making deep cuts to expenses. And while that strategy seems to have worked, firms have likely reduced spending as much as they can and will have to focus on other aspects of the revenue cycle to propel their recovery.
This is as good a time as any to discuss time. As Benjamin Franklin said, “Remember that time is money”—but I won’t waste any time discussing his kites. What does time mean to lawyers? Billable hours.
It’s a well-worn cliché that lawyers are lousy businesspeople. As a result, many of the larger firms have already turned to financial specialists to help. More than 70% of Am Law 200 firms and over 85% of Am Law 100 firms employ a chief financial officer. The larger the firm’s revenue, the more likely it is to hire a CFO. But what about small firms or solo practices?
For many, being your own boss is the ultimate dream. But the idea of hanging up your own shingle can be scary and confusing, while others might not know where to start. The ABA Journal asked lawyers, legal professionals, marketers, consultants and other experts what to keep in mind when starting your own practice.
Solo practitioners had a harder time weathering the initial economic impacts of the COVID-19 pandemic than others in the legal industry, according to a new report that cloud-based company Clio released on Tuesday.
When the government offered forgivable loans to keep businesses afloat and workers on the payroll during the novel coronavirus pandemic, dozens of larger law firms received the money.
The ABA Journal wants to host and facilitate conversations among lawyers about their profession. We are now accepting thoughtful, non-promotional articles and commentary by unpaid contributors.
