The End Is Nigh—Or Is It? Experts Debate Law Firm Rate Hikes, AI's Impact and Adaptability
Law firm rates have been rising for years, with most firms planning further increases despite economic uncertainty and inflation. However, clients are growing resistant to these hikes, and the use of AI is expected to shift how legal services are delivered, potentially reducing demand for junior associate work. Experts like Toby Brown and Marcie Borgal Shunk highlight differing views on the sustainability of rate increases, with some seeing cracks in the current model as law firms balance profitability with adapting to evolving client needs and technological advances.
Profitability in Law Firms: Insight and Analysis
Profitability – on the face of it – should be simple enough to determine. But once you start to lift the lid, there is much more than meets the eye. 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 without compromising their quality and reputation? How can they leverage the power of technology, data, and innovation to create value for their clients and themselves? Law firms are facing unprecedented challenges in the current financial climate and therefore need profitability strategies to survive and thrive in a competitive and changing market.
AI-Pocalypse
Curious about how AI might impact the legal industry? In our latest blog post, we explore the potential "AI-Pocalypse" that could disrupt traditional law firm models. From reduced billable hours to shifts in leverage, find out how Generative AI could challenge profitability and what steps firms should take to adapt. Don't miss our insights on how to navigate these changes and stay ahead of the curve.