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The RED ZONE - Selecting Outside Counsel
May 10, 2007
RELATIONSHIPS AND RETENTION – The Red Zone strategy to build and maintain relationships with inside counsel needs to be informed by an in-depth analysis of a company's past selections – how they wre made, problems that might have occurred afterward, legal-trade press or other media coverage of the relationship or the cases and transactions involved.This research, on the one hand, will set the seller's expectations and, therefore positively affect its strategy. On the other hand, the research will reveal holes in prior or current relationships, which should suggest natural opportunities for the seller to differentiate itself. For example, providing a resource missing from other engagements will get your firm's foot firmly planted on the “closing” goal line, if only regarding a discrete project. However, remember that limited engagements are always a sound Red Zone objective. Small successes position you for big ones.
RELATIONSHIPS AND RETENTION – The Red Zone strategy to build and maintain relationships with inside counsel needs to be informed by an in-depth analysis of a company's past selections – how they wre made, problems that might have occurred afterward, legal-trade press or other media coverage of the relationship or the cases and transactions involved.This research, on the one hand, will set the seller's expectations and, therefore positively affect its strategy. On the other hand, the research will reveal holes in prior or current relationships, which should suggest natural opportunities for the seller to differentiate itself. For example, providing a resource missing from other engagements will get your firm's foot firmly planted on the “closing” goal line, if only regarding a discrete project. However, remember that limited engagements are always a sound Red Zone objective. Small successes position you for big ones.
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.