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EXPLAINING THE INSIDER/OUTSIDER DISCONNECT
Our last column explored the disconnect between how in-house and outside counsel view the work of the latter. The reader will recall that in a recent survey, 62% of law firms gave themselves an “A” for overall performance during the past 3 years. Only 19% of in-house counsel scored them that high.There are a few possible explanations.1. The in-house sector radically changed its value proposition in the year or so separating the surveys.2. Radically different samples between the previous surveys may have been polled. Even if true, it is cold comfort to law firms that they can never know which of these two radiclly different “priority sectors” of their current clients or prospects represents.3. In-house counsel change their fundamental priorities as their own moods dictate or, more probably, as internal pressures and external business conditions change, I'll bet on this explanation being the best one. If I'm not right in every instance, I'll be right often enough.4. Conclusion: law firm sellers must somehow shift with their clients and prospects. It's a formidable challenge, really.
Our last column explored the disconnect between how in-house and outside counsel view the work of the latter. The reader will recall that in a recent survey, 62% of law firms gave themselves an “A” for overall performance during the past 3 years. Only 19% of in-house counsel scored them that high.There are a few possible explanations.1. The in-house sector radically changed its value proposition in the year or so separating the surveys.2. Radically different samples between the previous surveys may have been polled. Even if true, it is cold comfort to law firms that they can never know which of these two radiclly different “priority sectors” of their current clients or prospects represents.3. In-house counsel change their fundamental priorities as their own moods dictate or, more probably, as internal pressures and external business conditions change, I'll bet on this explanation being the best one. If I'm not right in every instance, I'll be right often enough.4. Conclusion: law firm sellers must somehow shift with their clients and prospects. It's a formidable challenge, really.
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.