Posted by Jennifer Iverson
Many law firms continue to struggle with long-term planning. Whether planning for the transitioning practice needs of retiring partners, committing to the goals of strategic plans, or preparing for possible recessions. This AmLaw piece is a good reminder of why those in the business of law should be more methodical when planning for the future. Many factors have “created a trend of declining productivity within firms, as lawyers aren’t handling the same quantity of work they once did.” Citing a 2018 Law Report by Georgetown on the State of the Legal Market, lawyers are billing an average of 156 hours less than they did in 2007. At a $350/hr rate that’s $55k less profit annually for just one lawyer.