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Law Firm 3.0: Compensation, Billable Hour Limiting Firms' Success
Editor's note: This is the second installment of a series examining the shift in law firm business models and the issues law firms must address to remain competitive in a new age of providing legal services. A wealth of information, little market growth, and increased competition have created an environment where many firms need to consider changing, but significant obstacles, particularly compensation structures and reliance on the billable hour, remain in the way.
In order to make the necessary changes to stay competitive, consultants say, law firms need a clear strategy, strong leadership, buy-in from the partners and strategic discipline in order to succeed. Strategic discipline in a partnership, however, where culture and partnership equality have historic roots, can often be difficult to maintain. But in some cases, it has separated the winners from the losers.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.