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Jody Briandi
What Issues are on the Horizon for Law Firm Leaders in 2023? A “Short List” of What Keeps Me Up at Night
By: Jody Briandi
What are the issues on the horizon for Law Firms, Law Firm Leaders, and Managing Partners?
Many law firms will continue to navigate the talent war, Great Resignation or Great Return – which one is it?
We are in a period of transition. While the Great Resignation seems to have slowed, the talent war continues. This is due in part to supply and demand. There are less workers entering the workforce than are leaving, and workers are evaluating benefits, firm culture and work/life balance with greater scrutiny. The “Great Return” of employees returning to their jobs, while happening, is happening slowly and with more intentionality. These topics are not going away and still among the largest concerns for law firms.
Recruitment, hiring and retention.
Employee turnover hurts a law firm. It’s not only expensive but impacts morale and culture. Increasing the likelihood of retaining lawyers starts with smart recruitment, targeted interviewing and hiring, intentional onboarding and mentorship. If you are large enough, consider adding a Director of Talent Acquisition and Management. If you are not, establish practices targeted at achieving the desired goal of retention. Focus on workplace culture, as workers are more and more evaluating culture when considering offers.
Managing expenses and growing revenue.
Law firms are not immune to inflation, rising payroll costs and a competitive job market. When revenue does not rise at the same rate as other costs, then you must look at how to right the ship. This means examining your rates and implementing a system of regularly applying increases; assess your firm’s productivity rate in achieving billable hour targets; analyze realization rates; and understand collections. By focusing on these areas now, the potential devastating impact of inflation will not be felt later.
Technology: improving efficiencies and automation.
The crush of the inbox continues to be the enemy of a busy practicing lawyer. The focus on creating efficiencies in practice and automating tasks that free up time for
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Law Practice Management
FDCC ANNUAL INSIGHTS 2023