For some firms, this will be a historic opportunity to make progress on rates. That’s especially true for firms that are lagging behind their peers. Most law firm leaders completely get this, but many rank-and-file partners react negatively to the idea of rate increases, let alone aggressive rate increases.
— Kent Zimmermann, a law firm consultant with the Zeughauser Group, explaining that some Biglaw firms may boost their rates by 5% to 10%, or more, in early 2022, due to surging demand for legal services. Firms that don’t raise their rates, he said, will be at a disadvantage. “People in their day-to-day lives are seeing prices going up for many things they need: food, gasoline, rental cars,” Zimmermann said. “Inflationary trends don’t hurt and might help set the stage for aggressive rate increases for law firms.”
The Law Firm’s Guide To Trust Accounting And Three-Way Reconciliation
Proper trust accounting and three-way reconciliation are essential for protecting client funds and avoiding serious compliance risks. In this guide, we break down these critical processes and show how legal-specific software can help your firm stay accurate, efficient, and audit-ready.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.