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The RED ZONE - Selecting Outside Counsel
According to a recent BTI survey conducted in 2006, 61.1% of corporate clients had fired at least one of their primary law firms in the previus 18 months. This represents almost a 10% increase over the previous year. One of the majr reasons for this volume of action is that your long-term clients may no longer be in decisionmaking positions. Buyers of legal services form attitudes often unsuspected by law firms that are based on internal pressures:* GC's positions have become more tenuous;* Shareholdure pressures on corporate value have increased;* New product or service development costs have grown;* Boards of Directors' expectations of in-house counsel and their roles in “preventive law” present even greater challenges;* SOX has created liability for GC's that many do not want to bear, or simply can not bear; and* CEO's are breathing down their necks.So when you are preparing to enter pitch or proposal meetings, or just staying in touch with your clients, find out “what keeps 'em up at night.” Ignorance is not bliss – so ask.
According to a recent BTI survey conducted in 2006, 61.1% of corporate clients had fired at least one of their primary law firms in the previus 18 months. This represents almost a 10% increase over the previous year. One of the majr reasons for this volume of action is that your long-term clients may no longer be in decisionmaking positions. Buyers of legal services form attitudes often unsuspected by law firms that are based on internal pressures:* GC's positions have become more tenuous;* Shareholdure pressures on corporate value have increased;* New product or service development costs have grown;* Boards of Directors' expectations of in-house counsel and their roles in “preventive law” present even greater challenges;* SOX has created liability for GC's that many do not want to bear, or simply can not bear; and* CEO's are breathing down their necks.So when you are preparing to enter pitch or proposal meetings, or just staying in touch with your clients, find out “what keeps 'em up at night.” Ignorance is not bliss – so ask.
Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
The Self-Service Buyer Is On the Rise
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
Sink or Swim: The Evolving State of Law Firm Administrative Support
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.