State of the Industry: Reports on 2013 and Predictions for 2014 from Peer Monitor's Russell Schmidt
At the LMA-LA February 11 program (video streamed from SF Chapter), Russell Schmidt of Peer Monitor provided an industry-wide overview of the current health and performance of law firms with a peek into how the top performing firms are differentiating themselves from the marketplace.
Among the predictions for 2014:
- IP and Real Estate will have the biggest areas of growth
- The gap between realization and "rack rates" will continue to grow
- Technology and Marketing budgets will grow
- Increased focus on practice group managment and matter management
He discussed Key Performance Indicators, Trending Demand, Balance of the Market, Practice Performance, Rates & Revenue, Expense Trends and Top Performing Firms.
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*Reposted with permission from LMA Bay Area Chapter