Domain: Business of Law
*Please note: this session is closed to media*
There is a remarkable 30-year relationship between US recessions and the AmLaw 100 profit margin. Margins typically fall prior to recessions and rise thereafter. A quick recession enveloped the world in 2020 due to the global COVID-19 pandemic. However, law firm profit margins actually increased from 2019 to 2020. How can this unusual effect be explained? Using insights from three decades of data, we unravel the sequence of unprecedented events and ensuing complex interplay between industry demand and cost management. Marketing and business development expenditures also dramatically reduced. What did law firms do in such an environment? What is its likely trajectory for the future?
- Understand the criticality of profit margin and its historical trend
- Comprehend US recessions and their impacts
- Unravel what happened in 2020; and its implications to the present
- Discuss marketing and business development expense trends
- Use insights to improve financial acumen and become more strategic
Presenters:Madhav Srinivasan, Chief Financial Officer, Hunton Andrews Kurth LLP
Koree Khongphand-Huckman, Chief Marketing & Business Development Officer, Foley & Lardner LLP
Price:
Member Price: $59
Prospective Member Price: $79