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Infographic Friday: Billing Rates Up 4%, But So Are Discounts

law-firm-differentiation-means-rate-pressure

Note:  The following is a guest post by Larry Bodine; the infographic, as customary with our Friday Share series, follows below.  Law firm billing rates are up in all firm sizes – especially at “top of the market” megafirms – but then, so are discounts, according to a pair of influential surveys of the legal profession. Fees at megafims have ... Read More »

12 Essential Metrics for Law Firm Rainmakers

law firm rainmaker metrics

There are two overarching components to running a profitable law firm according to Stephen Fairley of The Rainmaking Institute. Those components are the right people and the right systems. People run the systems he said, but the systems run the law firm.  Removing either of these components and it becomes even more challenging to maintain a financially successful law firm. ... Read More »

9 Takeaways from the Altman Weil Law Firms in Transition Study

Law Firms in Transition, Altman Weil

Altman Weil recently released an updated Law Firms in Transition Study – a sweeping 131 page report – that paints a rather challenging portrayal of the competitive legal landscape for large law. Consider the following reactions in the press: >>>Law360: “The lessons for BigLaw of recent years about tougher competition, commoditization of legal work and billing trends are sinking in ... Read More »

CASL: The Million Dollar Email

Legal Marketing The Million Dollar Email

Unless you’re based in Canada, or doing a lot of business with people in that country, you may not be aware of Canada’s Anti-Spam Legislation (CASL). The first phase of this new comprehensive law goes into effect July 1st in what many would agree is a necessary step to curtail the mix of unwanted, annoying and oftentimes misleading communications cluttering ... Read More »

Slowly Being Fired: 3 Tips for Law Firm Business Development

BTI consulting, law firm business development, law firm CRM

“Corporate counsel drop 7 firms from their law firm rosters,” emphasizes BTI Consulting Group in its just released report on Corporate Counsel Management Strategies.  And the news gets more challenging:  “Overall legal budgets remain relatively flat and any increases seen are going straight to internal resources.” Add to client pressure on billing rates, which may have been frozen or even ... Read More »

LexisNexis Business of Law Events and Webinars this Week

LexisNexis Business of Law Events and Webinars this Week

We’ve got a packed week full of events including a series of webinars and a customer conference.  Most of these events are intended for existing customers: Law firm CRM. A glimpse of what to expect in the roadmap for our CRM product. Practice management.  Free tips for our law firm practice management tools. Live blogging and tweeting.  We’ll be live ... Read More »

Corporate Endurance:  LexisNexis enlists for IRONMAN Raleigh

LexisNexis_IRONMAN-top

First, LexisNexis went back to school.  Now it’s supporting an extreme race of endurance. As the IRONMAN® 70.3® triathlon returns to Raleigh for the second straight year, LexisNexis has signed on as the event’s title sponsor.  However, it’s not just about sponsorship since 20+ LexisNexis employees form the North Carolina office are competing in the race. We made an official ... Read More »

Law2023: Seven Technology Opportunities for the Future of Law

Law2023 Seven Technology Opportunities for the Future of Law

Beneath the threads of the current legal industry storyline, there’s a sense of fatigue.  There are only so many “disruption” or “xyz is dying” stories, conferences and webinars an industry can take before becoming numb. This is what makes the Law2023 project so interesting: The underlying message is similar, but the positioning is dramatically different. The projects participants, “appreciated the ... Read More »

Porter’s Five Forces for the Legal Industry

Porter’s Five Forces for the Legal Pro

Michael E. Porter, the renowned economist and academic published a framework for analyzing markets in the Harvard Business Review in 1979.  Students of business get a good dose of the framework as a means to analyze competition in a given market — in order to drive the development of a business strategy. The framework now known as Porter’s Five Forces, ... Read More »

Top 10 #BusinessofLaw Posts you Might have Missed in April

Business of Law

This blog is just about four months old, but we’ve been pleasantly surprised with the traction it’s gaining.  Just yesterday we published our first guest post, from Larry Bodine, and given the context here, it’s fitting his post was about corporate journalism. In April we published about 20 posts and from the top 10 list below, it’s easy to see ... Read More »