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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.
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With law firms continuing to face heightened market and industry pressures, business development is essential for both law firm growth and individual lawyer success. However, coaching lawyers to become effective rainmakers presents unique challenges.
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Law firm operations are different now. Obviously, the biggest impact of COVID has been the inception and continuation of the hybrid work environment. This has been a kick in the pants for law firms to migrate to a digital working environment
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Law firm operations are different now. Obviously, the biggest impact of COVID has been the inception and continuation of the hybrid work environment. This has been a kick in the pants for law firms to migrate to a digital working environment
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At best, it is difficult to budget for external legal fees. Needs are uncertain at the beginning of the year, and there is constant pressure to hire the best firm possible. Here are three suggestions to help you reduce your external legal spend.
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With a growing number of firms moving to a two-tier partnership structure, the question becomes what comes next for the dwindling number of major firms that don't have a nonequity tier. At what point do tradition and culture yield to change and progression?
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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.
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As the IRS continues its efforts to combat fraud and streamline processing, businesses that have legitimately qualified for the ERC should stay informed about developments and take appropriate actions to secure their refunds. The landscape of ERC claims is evolving, and staying proactive will be key to successfully navigating the remaining challenges.
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This article explores the complexities of coaching lawyers in business development, offering insights and strategies to unlock their full rainmaking potential.