Outsourcing is widely used among law firms to help maximize their profitability potential. It can increase efficiencies and reduce spending on non-revenue-generating positions at your firm. Read more
In the past two years, we’ve seen many law firms throughout the country seriously consider a merger or acquisition or have already undergone one. Given the current business environment, it’s a trend that’s likely to continue.
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.
In order to meet servicer and industry requirements, law firms are required to provide their staff with a certain level of compliance training, and to track and report that training according to specific parameters.
Having an auditor onsite for a few days, analyzing every aspect of your law firm’s operations – from checking your IT and security procedures to sitting with employees to ensure they’re compliant in their daily duties – can be intimidating. Even if your law firm received notice months in advance, the onsite audit experience can be overwhelming.