Practice Finance

Some top partners in BigLaw will bill nearly $3,000 per hour next year, data says

Billing rates for some of the nation’s highest-grossing law firms are expected to continue an upward climb next year.

Sep 26, 2024 12:07 PM CDT

Getting ready for retirement is easier than you think

Most people start thinking about and saving for their retirement in their 50s, timing they invariably regret. In my career, I have conducted well over 100 retirement seminars. I can attest that at the end of every seminar, attendees undoubtedly say, “I wish I had taken this course sooner” and “Why didn’t I start to plan for my retirement earlier?”

Sep 11, 2024 1:30 PM CDT

Companies pay big bucks signing bonuses to lure legal chiefs; who received more than $10M?

Legal chiefs are being enticed to join new companies with big signing bonuses and stock opportunities that sometimes exceed millions of dollars.

Sep 4, 2024 11:38 AM CDT

Law firms had strong financial performance in first half of 2024, survey says

Another survey shows an 11.4% year-over-year increase in law firm revenue for the first half of 2024, a percentage that is more than double the 4.4% growth for the same period last year.

Aug 26, 2024 12:39 PM CDT

Law firms on track for strong year, report says

Increases in law firm revenue—up 11.4% in the first six months of 2024, compared to the same period last year—are one indication of a strong year, according to a report by the Citi Global Wealth at Work law firm group.

Aug 21, 2024 12:54 PM CDT

New metric inspired by baseball stats aims to measure real value of lawyers’ work

The Thomson Reuters Institute is introducing a new metric that measures how well lawyers are generating fees and collecting them by comparing them to their peers.

Aug 19, 2024 9:18 AM CDT

This BigLaw firm tops ‘A-List’ despite lower gross revenues

Munger, Tolles & Olson is No. 1 in a ranking of “A-List” law firms that is based on a combination of cultural and financial factors.

Aug 14, 2024 8:46 AM CDT

BigLaw bonus leader makes announcement that will please associates

A law firm known for its industry-leading announcements on bonuses and pay hikes will be paying summer bonuses this year.

Aug 8, 2024 12:04 PM CDT

Duane Morris bestows partner title on powerless attorneys to shift tax and business costs, suit alleges

Duane Morris reduces business expenses and tax obligations for equity partners by shifting some of the burdens to lawyers who carry the partner title but have no equity or power in the law firm, according to a lawsuit filed Wednesday.

Aug 1, 2024 10:55 AM CDT

Software company Clio announces $900M investment

Clio, a cloud-based practice management software company, has clinched $900 million in a Series F round—one of the largest single investments in legal technology to date.

Jul 23, 2024 3:05 PM CDT

This law firm increased revenue by about 139% in 5 years while raising partner profits

Once known as a regional law firm in the Midwest, Spencer Fane is boosting revenue along with partner profits.

Jul 3, 2024 2:34 PM CDT

$20M for top rainmaking lawyers? Kirkland’s poaching started a trend

Eight-figure pay packages and bidding wars for lawyers are increasingly common in BigLaw.

Jul 2, 2024 10:18 AM CDT

How to create a legal tech budget

As the legal landscape becomes more technological, law firms are struggling to devise a potentially robust legal tech budget. But this cost-value equation is a complicated one. Worried about having enough funds to devote to legal tech? It’s time to set a budget.

Jul 1, 2024 9:13 AM CDT

Which BigLaw firms pay the highest starting salary?

Hughes Hubbard & Reed pays new associates a top salary of $235,000, which is $10,000 above the going rate at many top law firms, according to a survey by the National Law Journal at Law.com.

Jun 20, 2024 1:52 PM CDT

‘The Lawyer Millionaire’ author shares the 7 biggest money mistakes lawyers can make

Despite a high earning potential, new lawyers usually have high debt. People who chose to get JDs instead of MBAs often find themselves operating as entrepreneurs to launch a solo practice. The author of The Lawyer Millionaire is here to help.

Jun 19, 2024 9:45 AM CDT