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During the past 20 years, I've had the good fortune of sitting in with in-house counsel as they discuss their outside firms and the selection process for new ones. As you read the following quotes, do an honest assessment of whether you and your firm meet any of the categories. And if so, make sure you use the suggested tactics to solve the problem.1. “Law firms are dumb about what companies really want. I am shocked at how cocky and not-in-tune they are.” SOLVE THE PROBLEM by holding a pre-meeting or phone conversation with your contact.2. “I am going to start hiring plaintiff attorneys who are successful versus large companies like ours; they are winners.” SOLVE THE PROBLEM by decoding hidden decision making cues that might even come from the CEO.3. “Our law firms are spoiled and dull – I want to shake things up.” SOLVE THE PROBLEM by concentrating on efforts to enhance your retention.4. “I want people who win, whether selling our products or beating our competitors in court.” from a CEO. SOLVE THE PROBLEM by using the selection process to demonstrate what additional value you bring to them, even from the discussions during the selection process.Enter your comments below or through [email protected].
During the past 20 years, I've had the good fortune of sitting in with in-house counsel as they discuss their outside firms and the selection process for new ones. As you read the following quotes, do an honest assessment of whether you and your firm meet any of the categories. And if so, make sure you use the suggested tactics to solve the problem.1. “Law firms are dumb about what companies really want. I am shocked at how cocky and not-in-tune they are.” SOLVE THE PROBLEM by holding a pre-meeting or phone conversation with your contact.2. “I am going to start hiring plaintiff attorneys who are successful versus large companies like ours; they are winners.” SOLVE THE PROBLEM by decoding hidden decision making cues that might even come from the CEO.3. “Our law firms are spoiled and dull – I want to shake things up.” SOLVE THE PROBLEM by concentrating on efforts to enhance your retention.4. “I want people who win, whether selling our products or beating our competitors in court.” from a CEO. SOLVE THE PROBLEM by using the selection process to demonstrate what additional value you bring to them, even from the discussions during the selection process.Enter your comments below or through [email protected].
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.
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.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
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?
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.