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Disconnect Between In-House and Outside Counsel
Disconnect between in-house and outside counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked. In fact, I've heard GC's say that if their retained law firms don't care enough or aren't smart enough to ask, they won't volunteer. So what is so important for in-house counsel to communicate?1. What are the commitments you expect the seller/firm to make? Knowledge results in then decisively making those commitments by the firms, or else do not waste your time with a client who wants too much for too little.2. What are your expectations as a buyer interms of rate structure? This knowledge will help the law firms tell the difference between rate-shoppers and, on the other hand, identify in-house lawyers who don't feel secure in a safety bu unless they're certain that your top-end partners will be immersed in the work.3. What are the expectations about winning versus settling? This will help law firms differentiate between in-house counsel that want a firm that actually strategizes or a firm that dutifully files briefs and hopefully wins in court?4. Does the buyer have needs arrayed across a broad spectrum of potential legal services? This knowledge means knowing when a cross-sell will be welcome and when it won't.Ask questions, offer information, make it work for both of you.More on other disconnects next time.
Disconnect between in-house and outside counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked. In fact, I've heard GC's say that if their retained law firms don't care enough or aren't smart enough to ask, they won't volunteer. So what is so important for in-house counsel to communicate?1. What are the commitments you expect the seller/firm to make? Knowledge results in then decisively making those commitments by the firms, or else do not waste your time with a client who wants too much for too little.2. What are your expectations as a buyer interms of rate structure? This knowledge will help the law firms tell the difference between rate-shoppers and, on the other hand, identify in-house lawyers who don't feel secure in a safety bu unless they're certain that your top-end partners will be immersed in the work.3. What are the expectations about winning versus settling? This will help law firms differentiate between in-house counsel that want a firm that actually strategizes or a firm that dutifully files briefs and hopefully wins in court?4. Does the buyer have needs arrayed across a broad spectrum of potential legal services? This knowledge means knowing when a cross-sell will be welcome and when it won't.Ask questions, offer information, make it work for both of you.More on other disconnects next time.
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.