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Powering Your Way Out of the Recession
All law firms have a primary financial concern as they come out of the last two years of economic change, including shrinking margins and the return
on the time invested in providing services. The vision of this article is to provide a model that may be used in discussing how a firm can power into the next few years. This article uses a watershed analogy to demonstrate drivers for higher margins and the skills required to maximize each stream of effort running toward the earnings “lake.” The implications are: 1) the need for credibility in leadership; and 2) an understanding of where to invest the resources of the firm to provide the highest impact on margins (and therefore earnings) to keep services at the highest possible level. The urgency is that the competition is seeking to bust out of this environment, and the role of the firm is to bust out first and gain a competitive advantage.
Introduction
An era is ending. That era is exemplified by the old law firm business model of leverage to increase the revenues over expenses through hours multiplied by rate. The old model created an overcapacity as demand slowed and as client dissatisfaction grew with the inefficiencies of the model. As law firms begin to adjust their strategies to come out of a very tough few years of trying to manage costs and reduce the burden of overhead, some key signs and trends become apparent, giving clues as to how to power out of this environment with higher margins.
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.