Sustainable Profitability in a Disrupted Legal Market, Second Edition

Change has long been a defining element of the legal services market and, over the past decade, the pace of change has accelerated more rapidly than perhaps ever before. The greatest business challenge, however, remains the same: to continue to be competitive and profitable. This Special Report presents practical strategies to help law firms protect and sustain their profitability as shifting client expectations, advanced technology and global influences challenge many of the old paradigms in law firm management. Authors Norman Clark and Lisa Walker Johnson demonstrate that although traditional factors influencing profitability remain valid, they must be managed in new ways to meet new financial realities. Insights include: • lessons learned from the global recession of 2009–2010 and the COVID-19 pandemic; • innovations in pricing, productivity and cost management; and • rightsizing the law firm for sustainable performance and profitability. This report highlights what sustainable profitability really means for the 2020s and beyond, and how any law firm can achieve it.