Law firms have been in the grip of a dramatically shifting marketplace for the last decade. Cost-conscious clients and the rise of outsourced or technology-driven legal work have impacted profitability and changed billing arrangements. The increasing specialization of firms by the industries they serve has increased economic cycle risk. Consolidation continues as a response to change, yet history has shown that this brings its own challenges.
CohnReznick's Law Firms Practice gives more than 100 law firms the guidance they need to strategize through these challenges. The services we provide include:
- Compensation: We can evaluate existing partner and employee compensation plans for sustainability and alignment with firm goals, and suggest improvements where necessary.
- Tax planning: We help firms minimize their tax burden and defend their tax positions through proactive planning such as meals and entertainment studies and fixed asset analyses.
- Industry benchmarking: Our broad base of industry knowledge allows us to benchmark clients against industry norms, identifying performance outliers and developing strategies for improvement.
- Transaction strategy: For firms looking to grow through mergers, we can help identify potential partners, conduct necessary valuations and assist in due diligence and contract negotiations.