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TO LAWYERS SWITCHING PRACTICE AREAS - NOT SO FAST!
TO LAWYERS SWITCHING PRACTICE AREAS – NOT SO FAST! No one has been immune from our sluggish economy. Lawyers are seeing pinkslips and downsizing. It makes sense that lawyers with a healthy survival instinct are switching to bugeoning practice areas like bankruptcy, employment and securities. What is more, attorneys who have experience managing complex cases can translate that skill set to other applications.But does that mean that all your law selling resources should be rerouted to greener pastures? Not if you are thinking long term. Industries battered by the current climate may be down, but they are not disappearing. They are preparing for a rebound. For long term success, your business development and legal marketing strategies must also have a long term strategy. Smart attorneys will be part of the planning process with businesses planning a rebound strategy – they'll be the ones retained when business picks up.
TO LAWYERS SWITCHING PRACTICE AREAS – NOT SO FAST! No one has been immune from our sluggish economy. Lawyers are seeing pinkslips and downsizing. It makes sense that lawyers with a healthy survival instinct are switching to bugeoning practice areas like bankruptcy, employment and securities. What is more, attorneys who have experience managing complex cases can translate that skill set to other applications.But does that mean that all your law selling resources should be rerouted to greener pastures? Not if you are thinking long term. Industries battered by the current climate may be down, but they are not disappearing. They are preparing for a rebound. For long term success, your business development and legal marketing strategies must also have a long term strategy. Smart attorneys will be part of the planning process with businesses planning a rebound strategy – they'll be the ones retained when business picks up.
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.