5th Annual LawVision and BigHand Profitability Survey Report

5th Annual LawVision and BigHand Profitability Survey Report

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.

Key Findings

  • 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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What's in the Report?

This report will provide key findings from the 5th annual Law Firm Profitability Survey. Topics include:

  • Profitability maturity curve
  • Profit Metric Context and Application
  • Barriers to Profitability
  • Transparency and Visibility
  • Systems and "what-ifs
  • The "nuts and bolts" of how firms are doing their cost allocations

Download the full guide above.

Meet the Authors
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Tom Jones
Managing Director, Financial Productvity, BigHand
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Mark Medice
Principal, LawVision
BigHand LawVision
Download the full guide above.