New Data from Withum Gives Insight into Law Firm Management in 2023

PRINCETON, N.J., Nov. 16, 2022 /PRNewswire/ -- Withum, a Top 25 advisory and accounting firm, released results from its annual Law Firm Leadership Survey. Law Firm Managing Partners, Chief Executive Officers and others in leadership roles shared their perspectives on the impact of remote work and the future of law practices.

"Law firm leaders are cautiously optimistic about financial performance in the coming year, despite continuing threats of an economic downturn," said Marci Taylor, JD and Principal of Withum's Law Advisory Services. "Thriving in a hybrid work environment is still a priority issue, as firms continue to rethink their physical space, staffing, technology and maintaining firm culture with a distributed workforce."

Highlights from the report include:

• 54% of respondents said they decided to have a hybrid work environment permanently, with another 19% saying that lawyers are still only back in the office part-time or hybrid.
• Only 12% of lawyers said they returned to the office full-time, compared to 40% of staff.
• Firms are still cautiously optimistic about moderate increases in financial KPIs for 2023, though less so than in 2021.
• Firms expect to raise rates less aggressively than at the end of 2021.
• Getting together in person, internally and with clients and potential clients is a priority for the next 12 months.
• There is an increased focus on strategy now that firm leaders are past the "crisis mode" of the pandemic and the extraordinary focus on talent acquisition in 2021 and early 2022.

Withum's Law Firm Advisory Services team provides strategy, management, marketing and technology consulting services to law firms around the United States. The annual Law Firm Leadership survey brings industry insight to law firm leaders to help inform strategic and management decision-making. The Law Firm Advisory team is passionate about helping clients evolve with the market and stay ahead of competitors by combining traditional advisory services with an innovative focus.

Download the full report for more statistics on firm strategy, marketing, succession planning, cybersecurity and other challenges and opportunities for law firm leadership.

Established in 1974, Withum is a national top-ranking public accounting firm providing advisory, tax and audit services to businesses and individuals on a local-to-global scale. Headquartered in Princeton, NJ, Withum has a presence in major financial centers across the country. Withum is an independent member of HLB, the global advisory and accounting network. For more information, please visit www.withum.com.

SOURCE Withum