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Report: Firms Should Focus on Collections to Prepare for Uncertain 2025

"If firms are prepared for a softening demand economy, and are surprised that demand is strong, they're going to be in better shape than if they plan for future demand and find that it's weak," said Thomson Reuters analyst Bill Josten.

September 18, 2024 at 06:29 PM

6 minute read

Law Firm Management

By Thomas Spigolon

The original version of this story was published on The American Lawyer

What You Need to Know

Rate increases have averaged more than 8% at the largest firms this year compared to mid-2023.
Firms also could emphasize 'capturing as much of those increases as possible.'
Slowing rate growth globally may lead firms to emphasize negotiations with clients to maximize revenue from rate increases.

Predictions of a weakening economy may lead to softening demand and force law firms to rely solely on rate increases for profitability in 2025, a new report states.

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