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What's Hot, What's Not
Major Trends to Watch in 2008 Recruiting. While the largest and very elite firms continue to hire more associates, the size of the classes at most law schools has remained flat. As a result, these firms are increasing the number of schools at which they recruit, including some lower-rated ones. However, many other firms are not hiring as many associates because of the recent huge increases in starting salaries.
Flexible Partnership Tracks. Some firms are eliminating their traditional lock step partnership track. In these firms, 'High Performing' associates are considered after a lesser number of years, while the track is extended for others who develop at a slower pace. Although still rare, a few firms are promoting to partnership associates who work reduced or flextime schedules. Weil, Gotshal & Manges LLP has created the position of 'flex-time partner.'
Leadership Training. Faced with continued high attrition as well as a generation gap, more firms are recognizing that they need to not only retain their associates and younger partners, but also develop them
into well-rounded, business-savvy lawyers. As a result, they are providing more management and leadership training.
Work/Life Issues. Women now account for 60% of the new entrants into UK law firms, and 18% of them are from minority ethnic groups. As a result, these firms have followed the example of U.S. firms by focusing
on the challenges faced by working parents.
Virtual Assistants. Another form of outsourcing that is just starting. VAs are paralegals and administrative specialists who work offsite and online to handle certain legal projects.
De-equitization. Becoming a buzzword as large law firms fire or demote partners to boost net income/partner and to keep or attract big producers.
Non-Lawyer Bios on Web Sites. A handful of firms, mostly smaller, have been posting photos and bios of the administrative and staff personnel on their Web sites for some time. One of the firms that recently began to do so is Wendel, Rosen, Black & Dean LLP. Marketing Director Lydia Bednerik reports favorable feedback from clients as well as enthusiastic support from staff.
Going Green. The latest and perhaps hottest trend as firms follow the example of their major corporate clients and develop 'green initiatives' to save energy and water, reduce waste, and promote recycling, all in response to the issue of Global Warming.
Robert W. Denney is President of Robert Denney Associates, Inc. (www.robertdenney.com), a firm that has provided management, marketing, and strategic planning services to more than 800 law firms and offices throughout the United States and Canada. He can be reached at [email protected].
Major Trends to Watch in 2008 Recruiting. While the largest and very elite firms continue to hire more associates, the size of the classes at most law schools has remained flat. As a result, these firms are increasing the number of schools at which they recruit, including some lower-rated ones. However, many other firms are not hiring as many associates because of the recent huge increases in starting salaries.
Flexible Partnership Tracks. Some firms are eliminating their traditional lock step partnership track. In these firms, 'High Performing' associates are considered after a lesser number of years, while the track is extended for others who develop at a slower pace. Although still rare, a few firms are promoting to partnership associates who work reduced or flextime schedules.
Leadership Training. Faced with continued high attrition as well as a generation gap, more firms are recognizing that they need to not only retain their associates and younger partners, but also develop them
into well-rounded, business-savvy lawyers. As a result, they are providing more management and leadership training.
Work/Life Issues. Women now account for 60% of the new entrants into UK law firms, and 18% of them are from minority ethnic groups. As a result, these firms have followed the example of U.S. firms by focusing
on the challenges faced by working parents.
Virtual Assistants. Another form of outsourcing that is just starting. VAs are paralegals and administrative specialists who work offsite and online to handle certain legal projects.
De-equitization. Becoming a buzzword as large law firms fire or demote partners to boost net income/partner and to keep or attract big producers.
Non-Lawyer Bios on Web Sites. A handful of firms, mostly smaller, have been posting photos and bios of the administrative and staff personnel on their Web sites for some time. One of the firms that recently began to do so is
Going Green. The latest and perhaps hottest trend as firms follow the example of their major corporate clients and develop 'green initiatives' to save energy and water, reduce waste, and promote recycling, all in response to the issue of Global Warming.
Robert W. Denney is President of Robert Denney Associates, Inc. (www.robertdenney.com), a firm that has provided management, marketing, and strategic planning services to more than 800 law firms and offices throughout the United States and Canada. He can be reached at [email protected].
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Top 5 Strategies for Managing the End-of-Year Collections Frenzy
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