Maintaining Profitability in a Global Recession

Law Firm Financial Insights Report: Maintaining Profitability in a Global Recession

During August 2022, BigHand ran a survey gathering 800 responses from senior legal finance roles, CEOs, Managing Partners, FP&A and Finance Systems roles from law firms of 100+ lawyers in the UK and North America. The findings highlight the importance of empowering lawyers with real-time, matter level information to maintain profitability in the face of rising costs and reducing demand. Read it here.

Law Firm Financial Insights Report: Maintaining Profitability in a Global Recession

With indications that legal work is slowing down and costs increasing, what is the outlook for profitability in 2022? Following The Legal Cash Flow Report in 2021 and the Cash Flow and Profitability Survey in 2020, this report looks closely at firms’ strategies for improving working capital and reducing profit leakage. How much progress have firms made in the drive towards a commercial operation over the last three years? From profit responsibility to incentives, tools to education, how are firms placed to maintain / drive growth over the tricky months ahead?

Working Capital in a Fast-Changing Economy
Identifying and Addressing the Sources of Profit Leakage
Empowering People to Achieve a Commercial Culture
Investing in Technology to Embed Commercial Business Model
Conclusion and Recommendations

Download the full report above, or preview the findings in the infographic below.

Download the full report above.

What's in the Report?