FT Professional’s Post

Big Law Firms Report Strong Financial Performance in First Half 2023, Anticipate Even Better Second Half Key Points: • Big Law firms reported an average 11.4% revenue increase in the first half of 2023 • Demand rose 2.9%, with the top 50 firms experiencing 3.3% growth • Potential interest rate cuts could boost transactional activity in the latter part of the year Source: Bloomberg Law https://lnkd.in/eU4MYuyB Subscribe to our newsletter at www.legalleaderscircle.com

Big Law Firms Report Strong Financial Performance in First Half 2023, Anticipate Even Better Second Half Key Points: • Big Law firms reported an average 11.4% revenue increase in the first half of 2023 • Demand rose 2.9%, with the top 50 firms experiencing 3.3% growth • Potential interest rate cuts could boost transactional activity in the latter part of the year Source: Bloomberg Law https://lnkd.in/eWRPXHa5 Subscribe to our newsletter at www.legalleaderscircle.com

Well worth a read of our most recent report on law firm finances. On the surface things look positive, but when you get in a little deeper, things maybe aren't as positive as on first glance! I wonder if law firms have all of the data they need to identify and rectify some of these challenges? Also fascinating reading the trends through the last few years! https://lnkd.in/ec_DAV6v #LegalTech #LawFirms #DataDriven

In conclusion, while EBITDA is a valuable metric for small law firms, it should be considered alongside other financial and operational factors. Read more 👉 https://paxson.me/4fm1OOT #SmallBusinessConsulting #ExecutiveCoaching #LeveragingCustomerSatisfaction #PipelineCoverageRatio #RequiresNuancedConsideration #ExcludingNonOperatingExpenses #RangeSignificantlyDepending #SpecificBusinessCharacteristics #SoloPractitionersEarned #OperatingExpensesCarefully

Ever wondered how transparency plays a crucial role in business? 🤔 It is often thought that speed is valued, but when it comes to business it can lead to costly mistakes 💰 Corporate solicitor Max McGenity outlines the importance of not rushing and being transparent throughout the Disclosure process. Stay tuned for more insights that could save your business from unnecessary pitfalls 👀💡 #BusinessDisclosure #Transparency

Are Law Firms still chasing Revenue or are they now more, and rightly focused on Profitability? In the legal industry a relentless pursuit of revenue is often seen as the key to success. But there's a crucial distinction... revenue is what comes in, profit is what stays. Many law firms get caught in the revenue trap, focusing on billable hours and overlooking the true cost of delivering those hours. This likely leads to uncollectable fees, inefficient operations and a squeeze on PEP. Sound familiar? Might be worth you having a read of what 800 finance professionals from across the Legal Industry think, and investigating some of the alarming trends that are appearing. An increase in write-offs cant be good for law firm profitability! https://lnkd.in/ec_DAV6v #Profitability #LawFirms #LegalTech #LegalServices

A recent pricing trends analysis finds law firms are seeing increasing demands from clients around financial transparency and demonstrating the value of services. To meet these demands, law firms must shift towards being more accountable in their operations. However the right technology and reporting is needed to produce relevant financial data, in order to present the accurate costs of a matter to clients. 👉 Access BigHand's pricing trends analysis to learn more and for further data insights: https://lnkd.in/dyN6Pwz8 #LegalTrends #LegalInsights #LegalFinance #MatterPricing #LawFirms #LegalTech George Egford Eric Wangler Brian Taaffe Sally Swift

This is one of the most essential reads of the summer. Forget the NYT best-seller list. If you're in a law firm and looking for insights that help you shape business strategy around pricing, transparency, and client collaboration, then download this resource. BigHand has extensively surveyed the market for compelling insights. Here is one that will provide industry benchmarking insights to act on immediately. Once you've reviewed the content, please schedule time with our team to review how we support your journey to excellence. Jack Kingston Christopher Hayes Jay Moeller Natasha McCain Marcellus Preston Alec Koster George Egford are here to support you. #LPM #Profitability #CFO

🌟 Exciting News for In-House Counsel! 🌟 The latest Law360 Pulse report shows a significant rise in corporate general counsel compensation in 2023! 📈💼 Key insights include: 🌟 Increased total compensation packages, reflecting the critical role of general counsel. 🌟 Rise in performance-based incentives, highlighting the value of legal leadership. 🌟 Continued importance of equity compensation, aligning interests with long-term company performance. 🌟 Industry-specific compensation benchmarks. Don't miss out on these valuable insights! Dive into the full article to understand the evolving landscape of general counsel compensation and its impact on your career. 🚀 #InHouseCounsel #LegalLeadership #CompensationTrends #Law360Pulse #CareerGrowth #LexisNexis

I am pleased to share the results of Major, Lindsey & Africa’s 5th annual collaboration with ACC on law department benchmarking. Our firm has long been a leader in benchmarking metrics, running our own survey for a decade prior to this, but the current survey delves into some new important areas including AI. Please let me know if you want to schedule some time to discuss the rich data presented here and putting it into some historical perspective.