Many small law firms are not profitable, even when the numbers say otherwise. Work moves forward, cases stay active, and invoices are issued. Still, companies monitor the bank balance and worry about covering basic expenses. The reason is simple: money does not arrive immediately when the work is completed. Clients rarely pay at the time […]
Managing Cash Flow in Small Law Firms During Slow Billing Cycles Read More »
US Firm Compensates Junior Lawyers for 20% Time Investment in AI Exploration Rachel Williams, contributing writer As legal technology reshapes practice economics, Ropes & Gray’s billable-hours approach signals strategic pivot in associate training and firm competitiveness In a move that challenges traditional law firm billing models while addressing mounting concerns about AI’s displacement of junior
Why This Big Law Firm Is Paying Junior Lawyers to Experiment With AI Read More »
The man who sent rockets into orbit while simultaneously disrupting the automotive industry has articulated a management philosophy that’s equal parts brilliance and brutality.
And while we can’t all aspire to his sleep schedule or his Twitter habits, there’s something law firms, those bastions of precedent and process, might learn from a leader who treats bureaucracy as “a substitute for thinking” and regards failure as the admission price to innovation.
So what might the key to building a successful law firm be if Elon Musk was on the management committee?
First, let’s consider the five key, “Musk steps{ that are simple but devastingatinlgy effective.
LawFuel Power Briefing: Nicolet Law, Minnesota Image credits: AI-generated by Gemini The era of building a personal injury empire solely relying on splashy billboards and late-night TV ads is over. While some markets are still saturated with traditional advertising—with law firms spending an estimated $2.5 billion nationwide in 2024 to solicit legal claims, a figure
Everyone’s talking about the future of work, but it feels like the plot of a prestige TV show—lots of drama, cliffhangers, and unexpected twists? Deloitte’s latest survey of Gen Z and millennials is basically the season finale, packed with insights about what the new guard wants from their jobs, their employers, and, well, life in
Why Law Firms Must Adapt or Risk Losing the Next Generation of Legal Minds Read More »
LexisNexis CEO Sean Fitzpatrick recently made a jaw-dropping prediction that lawyers leveraging AI could charge up to $10,000 per hour within the decade. He says 39 percent of private practice lawyers now expect to adjust their billing practices due to AI, up from only 18 percent in January 2024.
The tension between skyrocketing rates and fundamental business model changes creates the perfect storm for the legal industry with the onset of AI tools.
Lawyers may soon charge $10,000 an hour thanks to AI, says LexisNexis CEO Read More »
Law firm invoice issues Image: Freepik Navigating the complexities of running a law firm involves many challenges – and invoicing is one that just can’t be ignored. Efficient invoicing is not just about sending bills: it’s about ensuring consistent cash flow and maintaining good client relationships. However, optimizing your invoice-related processes isn’t always straightforward, and
Tom Borman, LawFuel contributing editor There is more being written about AI and legal tech developments in the law than ever and as the pace of words continues its onslaught, the key emerging realism is that law firms are rapidly changing in the services they offer and the way they are delivered. Legaltech developments and
How AI & TechLaw Is Revolutionizing the Legal Profession Read More »
Law firms transitioning from physical to digital archives need a strategy that emphasizes security, compliance, and accessibility. This guide offers practical steps to efficiently manage legal documents in the digital realm. So, discover how you can transform your document management practices into streamlined and secure processes. Assess the Security Needs for Your Legal Documents Begin
How Law Firms Can Efficiently Digitally Archive and Secure Legal Documents Read More »
Melanie Vairawanathan Starting a law firm is an exciting milestone. Yet, diving into entrepreneurship while also growing your family can feel like balancing on a tightrope without a net. I experienced this firsthand when I found out I was expecting my first child just months after launching my own law firm in 2022. The journey
A lawyer’s survival guide for starting a business while growing your family Read More »
