Thomson Reuters' latest report explores the strong law firm rate performance in 2024, and its continued growth year-over-year and the recent phenomenon of steadily increasing rate growth throughout the year versus just at the beginning. 

The legal profession has a notorious habit of interchangeably using business words with different meanings. While both coaching and trusted advising play valuable roles in supporting law firm partners, the critical difference lies in the depth of the relationship and the broader scope of support and guidance provided by a trusted advisor compared to a coach.

AI has garnered significant attention and shows promise for the future. However, adopting it prematurely without robust regulations poses risks. For the legal profession, one of the most critical concerns is the phenomenon of "hallucinations" in AI outputs.

In our recent article, The Power of Continuous Accountability: Implementing a Partner Accountability System,we spoke of the increased importance of accountability for partners. Dealing with partner performance issues is complex, and some partners may hold the view that a partner is independent and not subject to any intervention.

Instead of a continuous embrace, it seems many firms focus only periodically on managing cash flow (time entered, time billed, receivables collected), and usually it's when they've found themselves in a hole!

In the highly competitive and demanding world of law, a positive and healthy work culture is critical. The impact of a positive culture is not limited to the lawyers but clearly has a direct effect on the productivity of the staff, too.