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In the legal industry, volatility, uncertainty, complexity and ambiguity (VUCA) (originally a military concept) have reshaped how law firms operate, requiring legal administrators to adapt to a rapidly evolving work environment. Navigating this VUCA landscape involves balancing hybrid work models, evolving return-to-office strategies, and significant workforce challenges, especially in administrative support.
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Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed.
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Tips and shared advice from lateral integration professionals provide creative, practical and streamlined solutions to law firm marketers involved in the lateral integration process.
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The legal industry is undergoing a transformation at an unprecedented pace, driven by two powerful forces: the shift to flexible operations and the rapid acceleration of technology adoption. On top of this, clients, often ahead of their law firm counterparts in leveraging technology, are demanding faster, more secure, and more sustainable ways of working. Together, these may be the greatest operational challenges law firms have faced.
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Across the industry, law firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.
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Beyond alternative fee arrangements, firms should consider hourly rate adjustments with three factors in mind: psychological pricing, client feedback and growth. All three are vital for aligning fees with perceived value while supporting the firm’s financial health.
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Often, pay for nonequity partners can approach or overlap with compensation of senior associates, counsel as well as some equity partners, firm leaders and consultants say. The increasingly blurry pay lines between the lawyer ranks are causing some conflicts.