We're proud to be named to Bloomberg Law’s 2024 list of law firms that “meet or exceed an established threshold of diversity, equity and inclusion in their firm.” This is the fourth year the firm has been included in the DEI Framework. Fox is one of 57 U.S.-based law firms recognized for its level of disclosure of diversity-related metrics and distinguished performance against six pillar areas: recruitment and retention; leadership and talent pipeline; business strategy and innovation; firm demographics; diversity and inclusion + marketing; and disclosure. “Fox Rothschild's commitment to DEI not only sets it apart, but also helps propel the entire legal field forward in this area,” said Alex Butler, Vice President, Analysis and Content, Bloomberg Law. “We’re proud to recognize their performance by listing them in our fourth annual Bloomberg Law DEI Framework.” The Bloomberg Law DEI Framework is the legal industry’s first and only standardized, fully transparent methodology to measure law firms’ performance in this critical arena. Updated for 2024, this year’s DEI Framework included new questions on accessibility. “We’re honored to again be included on Bloomberg’s DEI Framework list,” said Kimberly Gatling, our Chief Diversity and Inclusion Officer and Partner. “It’s an essential benchmarking tool for firms, providing a vital roadmap for us to formulate and facilitate strategies for continued growth and development around hiring, retention, inclusion and professional growth of a diverse pool of legal talent.”
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Law firms across the board have ended 2023 on a strong financial note, according to a recent industry report. Despite a slow start, both large and midsize law firms saw a rise in profits in the fourth quarter, thanks to increased demand for countercyclical work and rate growth. The Thomson Reuters Law Firm Financial Index, which tracks key financial metrics across 173 law firms, reported year-over-year growth for the industry. This is great news for law firms as they continue to navigate a changing legal landscape.
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Bloomberg Law recognizes 57 U.S. law firms for DEI Bloomberg Law has released its fourth annual DEI Framework, recognizing 57 U.S. law firms for their commitment to diversity, equity, and inclusion. The program has seen double-digit growth in submissions for the third consecutive year, indicating the legal industry's ongoing focus on improving DEI. Since the inception of the framework, there has been a gradual increase in diversity within law firms. The report highlights the importance of diversity in the legal sector and showcases the efforts made by these firms. The DEI Framework serves as a benchmark for firms striving to meet or exceed DEI standards. Subscribe to Legal Slice if you want to stay up-to-date on the latest news and trends in the legal world: ➡️ https://lnkd.in/dZp_tvpt #Law #Legal #LawFirms #DEI
ANALYSIS: Law Firms Chosen for DEI Framework Rise Above the Rest
news.bloombergtax.com
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In case you missed it 📣: Brightflag released an in-depth report on 2023 rate increases among the top 100 U.S. law firms earlier this week 💼 Check out Legal Dive's coverage of the report and its key takeaways to learn more ➡: https://lnkd.in/eMdCzpp9 #legalops #timekeeperrates #legalnews #legaloperations
Largest law firms charge nearly $1,000 an hour, report finds
legaldive.com
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Revolutionizing court filing through Legal Tech | Strategic Account Executive at InfoTrack US
"The performance gap between them [midsized law firms] and smaller firms is shrinking." "many midsized law firms need to catch up on technology adoption" Interesting read posted by the Association of Legal Administrators (ALA) on the legal trends for mid-sized law firms. Check out the article below 👇 https://lnkd.in/grN4z9pt
3 Legal Trends for Midsized Firms
alanet.org
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Should your law firm centralize part of the support staff? Or is a traditional direct PA to lawyer model the most efficient? Tom Chevous breaks down recent research and the different approaches modern law firms are taking to boost efficiency and profitability in his newest piece. Learn about the different models firms are adopting 👉 https://lnkd.in/gHhjB7Jh #lawfirmsuccess #lawfirmstrategy #legaloperations
Modern Support Staff Structures Boost Law Firm Profitability
bighand.com
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A new industry report found law firms ended 2023 on strong financial footing after a sluggish start, reports Karen Sloan. Fueled largely by rate growth and increased demand for countercyclical work, profits rose year-over-year among both large and midsize law firms in the fourth quarter following a dismal 2022, according to the latest Thomson Reuters Law Firm Financial Index. Law firms showed ‘resilience’ in 2023 by ‘aggressively’ raising rates while also reining in costs, especially those tied to associates, said Tommy Williams, interim general manager of global and large law firms at Thomson Reuters. Read the full story to find out more: https://reut.rs/3uwtIF4 #lawfirms #legal #legalindustry #legalnews
Law firms' profits rebounded in late 2023 amid robust rate growth
reuters.com
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Many clients are simply removing the middleman of outside counsel by bolstering their own in-house legal departments, as documented in a survey conducted by Altman Weil. The survey notes the alarming statistic that “[m]ore than 85% of law firms finding that their strongest competition is coming from their clients.” These drops in revenue are cause for concern. However, recent advancements in legal technology can help streamline law firm profitability and iron out problem areas that often contribute to losses in revenue. https://lnkd.in/eG8nmag
Improving Law Firm Profitability in a Cost Sensitive Environment
https://effortlesslegal.com
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An interesting article from Nick Hilborne at Legal Futures discussing the platform law market and its continuing success and growth, based on the recent Codex Edge report which features Setfords heavily. https://lnkd.in/e668vYmi?
Flood of lawyers swapping traditional firms for fee-share alternatives
https://www.legalfutures.co.uk
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Our latest article has a look at the 2024 law firm, and at how law firms have changed over the last decades, https://buff.ly/3S5efnp #legaltech
The 2024 law firm | Lamiroy Consulting Blog
https://www.lamiroy.com/blog
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Navigating the Legal Landscape in 2024: Challenges and Opportunities Await U.S. Law Firms! A comprehensive report explores the obstacles and opportunities that lie ahead for U.S. law firms in 2024. How can firms leverage these insights to adapt, innovate, and thrive in the evolving legal industry? Read the full article here: https://lnkd.in/e6EFbvpB Join the conversation and share your thoughts on the strategies law firms can employ to overcome challenges and seize opportunities. Together, we shape the future of legal services! #LegalIndustryInsights #LawFirmStrategies #LegalTrends #LegalOpportunities #LawFirmInnovation #U.S.LawFirms #LegalReport #LegalFuture #IndustryChallenges #LegalNews
Obstacles, opportunities await US law firms in 2024 - report
reuters.com
To learn more about our DEI efforts, visit: https://www.foxrothschild.com/firm/diversity-equity-inclusion