Tag

Expense Management

All articles tagged with #expense management

business-finance2 years ago•3 min saved

"Brex Slashes Staff by 20% Amid Stalled Growth and High Burn"

Expense management startup Brex, valued at $12.3 billion two years ago, has laid off 282 employees, about 20% of its staff, and announced changes in leadership roles. The company is emphasizing long-term thinking and ownership over short-term gains in its compensation structure and is transitioning to a new operating model. The layoffs come amid reports of stalled growth and high burn, with the company reportedly burning $17 million a month in the fourth quarter of 2023. Brex's financial plan aims to achieve cash flow positivity with the current cash it has, providing around 4 years of runway. The company's annualized net revenue was $279 million in the fourth quarter, up 32%, but most of the growth occurred in the first quarter of the year.

via TechCrunch|

#brex #business-finance #expense-management

business2 years ago•3 min saved

Regional Law Firms in the Second Hundred Outperform National Averages in Revenue Growth.

The American Lawyer's Am Law 200 law firm rankings show that Biglaw's Second Hundred outperformed the Am Law 100 in 2022, with overall revenue growth of 4.1% and better financial metrics, including revenue per lawyer and profits per equity partner. The Second Hundred firms managed expenses and hiring better than some larger firms, protecting their profits and being more thoughtful about associate salary increases. The top 10 firms by gross revenue include Steptoe, Kramer Levin, and Cahill, while Irell, Susman Godfrey, and Munger Tolles top the revenue per lawyer rankings, and Cole Scott, Cahill, and Irell lead the profits per equity partner rankings.

via Above the Law|

#am-law-200 #business #expense-management

law2 years ago•1 min saved

BigLaw's Mixed Bag: Layoffs, Strong Performance, and Low Billable Hours in Q1 2023

Wells Fargo Legal Group is projecting a recession to begin in the second half of 2023, which could lead to more layoffs among Am Law 100 firms if the demand picture doesn't improve. The group expects firms to be vigilant on expense management and seek operational efficiencies to offset required investments for in-person meetings and infrastructure improvements.

via Above the Law|

#biglaw #demand #expense-management

finance2 years ago•2 min saved

Charles Schwab's Q1 Update: Strong Growth Despite Market Challenges.

Charles Schwab reported Q1 earnings that exceeded Wall Street's expectations, with net income of $1.60 billion and 1.2 million new brokerage clients. The bank highlighted its key initiatives, including scale and efficiency, personalized investment, and client segmentation. Charles Schwab's priorities for the rest of the year include continued business growth, long-term revenue growth, and thoughtful expense management. The bank expects net interest margins to increase by Q4 2023 and deposit rates to track in-line with prior cycles. The bank will pause its active buyback program due to regulatory uncertainty in the U.S. banking sector.

via Fox Business|

#brokerage-clients #charles-schwab #expense-management