In its fifth year, the 2023 LawVision and BigHand survey provides a snapshot of the transforming legal landscape, as law firms balance longstanding profitability goals with the promise of AI. Despite economic uncertainty, this technology and strategy points to a future.
With five years of comprehensive datasets, we can now conduct robust year-over-year comparisons on key profitability metrics. These insights reveal evolving industry trends over time.
- Profitability management remains a top priority for large law firms.
- In 2023, the shifting legal landscape demands creative solutions to profitability analysis.
- Significant changes are occurring, driven by AI adoption and integration, as well as the continued impacts of the pandemic regression. In response, firms are exploring fresh approaches to evaluating profitability.
- Profit growth stays steady, with many firms experiencing consistent expansion over the past three years.
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