Profit. What a simple term. To determine it, all one needs to do is take revenue and subtract costs and there you go: profit. From there it’s easy to determine a percentage and margin. So what’s so hard about law firm profitability? Profitability in Law Firms: Insight and Analysis provides practical and proven strategies for law firm leaders and managers who want to take their firms to the next level of performance and profitability. How can they increase their profitability and efficiency...

The legal profession, like so many other fields, has continued to reel from the deep-reaching and significant impact of the 2008 financial crisis. In the years following the crash, a general downward turn in the demand for legal services compelled firms to tighten their belts, make tough decisions, and come up with innovative strategies in order to survive. One of these was an increased focus on profitability and different means of managing and improving it, a relatively new development fo...

Why this report, why now? We began 2020 in bright spirits and bountiful economic conditions; by early March all that had changed. Economic adjustments were made and, overall, firms ended the year in much better shape than their spring worst-case projections anticipated. Some firms were even close to their original 2020 profit expectations to date – largely due to quick actions to curtail expenditures as COVID-19 got underway in the US. Adjusting the Numbers: The Future of Finance in Law Fi...