Legal Marketing Blog

The Unknown: law firms must be strategic with long-term plans

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.