There’s a reason law firms hear the same thing over and over again like, “Eliminate costs, increase efficiencies and focus on revenue-generating tasks.” It’s because there is significant profitability potential in doing them. Unfortunately, most firms haven’t found the processes that work best for them, because it can be difficult to identify disconnects and opportunities to improve.
The housing crisis of the mid 2000’s was a boom period for creditors’ rights law firms. In most states, there was an over-abundance of work and competitor firms were, initially, in short supply.
Since the rebound of the mortgage and housing market, creditors’ rights law firms are dwindling due to demise, acquisition or merger. The current environment is highly regulatory and when firms are under the increased compliance scrutiny in addition to the squeeze on resources, it’s crucial for them to cut costs and work as efficiently as possible to retain a profit margin and grow their business.