Revenue, profit, and income remain historically high. Many firms continue to seek—and secure—higher rates for their work. But even the largest firms report slower growth in revenue per lawyer, profits per lawyer, and profits per equity partner—with growing volatility—according to the report Dark Clouds on the Horizon.
Taking a page from other fields, innovative firms recognize that clients feel more empowered than in the past. They leverage data and technology to build relationships, drive strategy, and deliver value. They view disruption as an opportunity, and they empower their business development teams to lead the charge. In this guide, you’ll learn that by taking this approach, firms not only position themselves to survive the next downturn but also to secure long-term profitability and sustainability.