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December 7, 2020
Large Law Firms Learned to Go Lean This Year—but Staying That Way Won't Be Easy
It only took being blindsided by a global pandemic to finally impress upon Big Law the importance of trimming the fat. The sudden onset of the pandemic forced law firms to quickly make cuts they otherwise wouldn’t have dreamed of. Many of those measures now seem like they were long overdue. But the real challenge now is figuring out how to keep the weight off. Bruce McLean notes that the caution that prevailed when the pandemic first struck is prevailing for 2021. People believe the economic situation will be quite similar.
Read moreJanuary 3, 2021
Law Firm Merger Predictions For 2021
There has been healthy chatter about the 2021 law firm merger market since last spring, when law firm leaders shuddered at the thought of what damage the COVID-19 crisis might inflict on BigLaw finances. Peter Zeughauser analyzes the BigLaw merger market in 2021 and senses that it seems poised for a return to normal. Indeed, by the end of January, it may feel like a snapback. By the end of 2021, last year's dip in the law firm merger market will be an anomaly, for a number of reasons.
Read moreFebruary 23, 2021
Billing Can Be So Much More Than a Necessary Evil
In this article, Alex Dimitreif discusses important billing principles and the need for detailed budgets. Law firms can no longer afford to view billing and budgeting as necessary evils or relegate them to backroom administrators. Outside counsel should seize upon the billing process as a vehicle for thoughtful discussions with clients about how assignments will be handled. Up-front exchanges about how much a matter will cost should facilitate dialogue on a client’s objectives and how best to achieve them. Interim bills should serve as informative status reports and alert clients to potential issues. Final bills should stimulate candid discussions about how the law firm performed and whether the client’s expectations were met.
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