Given the crucial role the law firm governing board plays in shaping a firm’s future, the time has never been better for firms to test whether their board is functioning at an appropriately high level.
Determining the right time to merge and, once a firm has determined that a merger is the right path, preparing the firm to be well-positioned for merger.
The ACC Value Challenge and law firm pricing, value, and efficiency in the current economic environment.
The potential for AI is not a new topic, but the introduction of ChatGPT, with its easy-to-use interface, has certainly accelerated the awareness of how it might be applied in the law firm context.
Law firms are facing intensifying growth pressure. Competitive and client forces have pushed law firms to not only focus on increasing revenue and profitability, but perhaps more importantly, to add practice depth, practice breadth, overall scale, and geographic reach. Significant investments in lateral hiring and law firm combinations have changed the competitive landscape by forming new, dominant firms in particular practice areas, industries, and geographic regions. This has reshaped the AmLaw 200, with an increasing number of firms now offering considerable scale and reach compared to existing competitors, regionally, nationally, and internationally. This evolution has created new choices for clients seeking advisors who can provide services across multiple jurisdictions or offer superior depth in particular practices and industries, further fueling the race for market share and the pressure on law firms to grow.