2018 Survey of Law Firm Economics
The National Law Journal’s Survey of Law Firm Economics, 2018 Edition (based on 2017 data) is one of the most comprehensive, accurate and up-to-date set of economic statistics and financial data available for the legal profession. This year’s survey contains information from 3,434 lawyers at 250 U.S. law firms. In its 46th year, the survey remains an invaluable tool for managers at law firms.
To be a useful tool, the survey must provide the relevant information required by the law firm managers. ALM Legal Intelligence partners with the International Paralegal Management Association each year to develop and publish a more comprehensive tool for managing paralegal positions. If you are interested in paralegal data, please contact ALM Legal Intelligence for product information and pricing.
ALM Legal Intelligence is committed to meeting the information needs of the legal profession and, as such, invites you as a purchaser and/or participant to call or write us with your candid critique, suggestions and questions. The survey will continue to improve only through our ability to understand your evolving needs for information.
2018 Executive Pulse Survey Report
We’re very pleased to publish our first ever Executive Pulse Survey and Report. The survey, which was conducted exclusively in the Dallas Fort Worth area, targets executives in the Construction, Energy, Manufacturing and Distribution, Professional Services, and Real Estate industries. The Pulse Survey is designed to explore the opinions of DFW-based executives on a wide range of topics and trends that impact how businesses and organizations operate. It is also intended to provide information regarding their peers’ thinking across a variety of industries and topics.
The survey was developed by our firm in collaboration with our sponsors Richard P. Slaughter Associates, Comerica Bank, Scheef & Stone, and Insperity. The survey and report would not have been possible to produce without our sponsor and participant support. We hope you find the report useful and insightful.
A/E/C Firms Should Take Another Look at R&D Credit Qualification
It may not be as easy for architecture and engineering firms to qualify for R&D credits, but that doesn’t mean it’s impossible. Now that tax reform may result in lower corporate tax rates, it’s a good time to investigate any R&D activities that occurred for the 2015, 2016 or 2017 tax years. Resulting credits could offset higher federal tax in previous years as well as state franchise or business tax collected in Texas. The first step is an R&D study.
Be More Billable: How to Add More Automation to Professional Service Accounting
Professional service firms offer their services in a variety of ways, and this fact adds complexity to time and billing processes. If time and billing are complex, then accounting and payroll also have many moving parts. By automating some of the steps that go into accurate time and billing — and closing the gap between time and billing and accounts receivables — professional service firms improve cash flow and profits. Outsourcing is one solution to achieve automation without the costs of purchasing technology and training in-house staff.
Professional Service Organizations Benefit from Practical KPIs
Professional Service Organizations (PSO) often deal in Human Capital (i.e. they sell time), which creates pressure to manage quickly but not always effectively. Even as they advise business owners, leaders in a PSO neglect many of the same operational and financial issues in their own organizations. Before client service and profits begin to decline, PSO leaders must identify their operational inefficiencies and decide if they have the resources internally or externally to address them. A well-managed PSO anticipates change with the right key performance indicators — helping leaders look ahead instead of always over their shoulders.
2015 Survey of Law Firm Economics
The National Law Journal’s Survey of Law Firm Economics, 2015 Edition (based on 2014 data) is one of the most comprehensive, accurate and up-to-date set of economic statistics and financial data available for the legal profession and environment. This year’s survey contains information from 5,759 lawyers in total, including 1,711 associates, 3,480 partners/shareholders (equity and non-equity), 382 active counsel and 152 staff lawyers working in 69 U.S. law firms. In its 43rd year, the survey remains an invaluable tool for managers at law firms. In order for the report to be a useful tool, law firm managers must provide the relevant information when completing the actual survey.