How Research Efficiency Impacts Law Firm Profitability
Law360, New York (September 11, 2014, 2:13 PM EDT) -- Given increasing competitive pressures, law firms have struggled in recent years to find new ways to obtain client engagements while maintaining firm margins. For many firms, that has required a new look at how the firm does business and conducts its operations. For many, the time spent on legal research, while often monetized in hourly billings, has become an identifiable cost center through losses in the form of write-offs and lost potential revenue. Increasing the efficiency of legal research practices often offers the means to avoid these scenarios and increase the workload capacity of associate attorneys, which potentially offers to help increase revenue per attorney and, in some scenarios, reduce overhead....
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