What You Need to Know

• 'Dynamic' firms have had larger increases in overhead costs associated with personnel, analysts noted in the 2023 Dynamic Law Firms Report.
• The same is true for direct payments to lawyers, as well as marketing and business development spend.
• In the age of remote work, they've also shrunk occupancy costs: those associated with having office space.

High-growth law firms aren’t just better than their peers at generating revenue and profits. They also generally invest more in their people, and at the same time, they might be getting a boost from remote work, according to a recent report.

“Dynamic” firms—those that had the highest compounded annual growth rates (CAGR) in profits per lawyer and revenue per lawyer over the last decade—had larger increases in overhead costs associated with personnel, analysts for Thomson Reuters noted in their 2023 Dynamic Law Firms Report.

Want to continue reading?
Become an ALM Digital Reader for Free!

Benefits of a Digital Membership

• Free access to 1 article* every 30 days
• Access to the entire ALM network of websites
• Unlimited access to the ALM suite of newsletters
• Build custom alerts on any search topic of your choosing
• Search by a wide range of topics

Already have an account? https://news.google.com/rss/articles/CBMifmh0dHBzOi8vd3d3Lmxhdy5jb20vYW1lcmlj...