The evolution of the U.S. legal industry has accelerated in recent years. Law firms and other legal service providers have adopted an array of new technologies that have impacted both the business and practice of law. Meanwhile, these new technologies are driving a variety of changes to legal workforce dynamics that are forcing employers to navigate internal culture shifts. These simultaneous forces of technology and workforce changes are challenging law firms to rethink the way they deliver value to internal and external clients.
Due to pandemic-related disruption, the legal industry is bracing for a sustained downturn. HBR Consulting and The Managing Partner Forum recently conducted a poll of 75 mid-sized firms (<500 lawyers). Responses revealed that more than 60% of respondents are forecasting up to a 25% decrease in top line revenue for 2020. Fewer than 5% of polled firms are predicting no revenue loss at all. This begs the question, what can firms do now to adjust pre-existing 2020 plans to weather this unprecedented storm and, if possible, emerge stronger on the other side
As the economic and social disruption caused by current events continues to mount, law firms and other organizations are beginning to temporarily close offices and require employees to work remotely. The current situation is a reminder of the issues that firms should evaluate when planning for business continuity: its business needs, its users’ needs, and what is required from the IT staff and network to support those needs. Following are some questions firm leadership should ask itself and the firm’s IT organization when planning for business continuity in the event of a situation like we now face.
With most of us are wrapping up our second favorite time of year (next to income tax season), we can enjoy a brief lull before the chaos of year-end sets in. What joyous time am I referring to? Budgeting Season of course! Year after year we go through the same process and yet somehow it still seems to sneak up on us, leaving us all scrambling until the very last deadline.
The 13th Annual Law Firm COO & CFO Forum: Fostering Innovation in Law Firms provided domestic and global COO and CFOs with an opportunity to learn how their peers’ are approaching the ever popular theme of “innovation.” While many firms are embracing innovation, some are still in a state of resistance. Below are ten “take-aways” that we gathered from the day and a half-long forum.
ALM's recent Special Report on the state of Big Law is absolutely spot on.
In mid-June, I had the pleasure of attending a series of HP hosted User Group Events. Of the four in this series, I was able to participate in Washington DC, New York and Toronto. Although they represent very different demographics, there were many areas of commonality. The few notable differences focused mainly around the cloud and issues of data sovereignty in Canada. With the annual ILTA Conference approaching next week, I look forward to seeing how HP carries the themes of the customer events forward into what is arguably the most important trade show of the year.