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IN-HOUSE DISCONNECT Cont'd.
Recent surveys telescope shifting client priorities. For example, INSIDE COUNSEL'S “18th Annual Survey of General Counsel,” published in July, 2007, shows a multi-level disconnect. On the one hand, there is the predicatble synapse between in-house and outside perceptions of 68% of outside counsel believe the level of service they provide has improved over the past five years, while only 29% of in-house counsel agree. Law firms are self-delusional, according to these data, as 62% gave themselves an “A” for overall performance over the past three years. Only 19% of in-house counsel scored them that high. Gulp!Yet consider the disconnect within in-house ranks that is also glaringly apparent from survey to survey. The INSIDE cOUNSEL survey reports that law firms focus on understanding client businesses and client exigencies as the surefire way to improve service. Indeed BTI's 2006 “Key Trends in Client Relationships and Satisfaction with Law Firms” taps enough in-house opinion to confirm the perception that such “client knowledge” is the direct route to superior and lasting client relationships.But then switch back to the INSIDE COUNSEL survey. There, in-house respondents emphatically said that reducing costs and improving efficiency are the overriding tasks for law firms seeking to solidify client relationships. Nowhere does this extremely specific priority appear on the BTI scale. We'll cover the possible explanations next time.
Recent surveys telescope shifting client priorities. For example, INSIDE COUNSEL'S “18th Annual Survey of General Counsel,” published in July, 2007, shows a multi-level disconnect. On the one hand, there is the predicatble synapse between in-house and outside perceptions of 68% of outside counsel believe the level of service they provide has improved over the past five years, while only 29% of in-house counsel agree. Law firms are self-delusional, according to these data, as 62% gave themselves an “A” for overall performance over the past three years. Only 19% of in-house counsel scored them that high. Gulp!Yet consider the disconnect within in-house ranks that is also glaringly apparent from survey to survey. The INSIDE cOUNSEL survey reports that law firms focus on understanding client businesses and client exigencies as the surefire way to improve service. Indeed BTI's 2006 “Key Trends in Client Relationships and Satisfaction with Law Firms” taps enough in-house opinion to confirm the perception that such “client knowledge” is the direct route to superior and lasting client relationships.But then switch back to the INSIDE COUNSEL survey. There, in-house respondents emphatically said that reducing costs and improving efficiency are the overriding tasks for law firms seeking to solidify client relationships. Nowhere does this extremely specific priority appear on the BTI scale. We'll cover the possible explanations 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.