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Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
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The onus is on law firm leaders to balance risk and opportunity. How can firms guide through an increasingly perilous landscape rife with opposing hazards to start building the law firm of the future today?
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Automate Onboarding & Offboarding Processes for Smoother Transitions Questions about the role of AI in the legal market continue to dominate current headlines, but firm consolidation remains a big part of the transformation the industry is undergoing. And yes, technology and automation are playing key parts in this. As firms merge or acquire others to expand their capabilities and client base, a streamlined approach to attorney onboarding and offboarding has become essential.
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Though traditionally considered laggards when adopting new technology, law firms have recently started to explore new tricks to fortify performance across their organizations. While this evolution is critical to a firm's survival, it's important that firm administrators understand that substantive improvements are only possible through multi-directional change.
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There is a patented methodology that follows the same path that the introduction of depreciation followed, with the impact being similar in its influence, power and effect: The AIM (Actuarially Initiated Measurements) Program. An employer using this methodology realizes the ability to uncover and maximize missed opportunities to control fluctuations and variations in earnings per share (EPS).
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Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.
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When it comes to practicing litigation, the use of technology is no longer optional. What is optional, however, is under which business model firms deliver this service to their clients, and how to determine which model balances the most value — to the client and the firm.
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You are a partner in a law firm and you have decided to make a lateral move. You want it to be the right move to a better platform. Where do you start and how do you maximize the likelihood of a successful outcome? The more you are prepared to answer and ask questions, the greater the likelihood this next move will be an optimal one for you and the firm you are joining.