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This last year has brought an ever-increasing pressure to be competitive and retain the margin that pays salaries and powers growth. One outlet to maintain and increase competitiveness is the reduction of paper processes and increasing the use of technology.
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To achieve the seemingly insurmountable task of preparing leaders to shepherd firms in the post-pandemic world demands an approach similar to what enabled society to create the COVID vaccine in record time: a unique set of circumstances, dedicated focus and sufficient resources.
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In 2020, information governance may have been sacrificed in the face of an urgent, global crisis. As understandable as that is, it's time now to step back and assess best practices for the new operational model that is here to stay.
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In addition to funding the government and further COVID-19 relief, the recently signed Consolidated Appropriations Act (CAA) included significant provisions impacting health benefit coverage.
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How to motivate attorneys to do rainmaking activities has become a critical question during the pandemic because the usual avenue that the predominance of attorneys used to build books of business of in-person networking had been eliminated for almost 15 months.
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Whether they practice at global firms consisting of thousands of lawyers or decide to hang a shingle and put their name on the door, lawyers chose a path requiring continuous, never-ending hustle. Not only do they need to master the practice of law, they need to master the art of driving revenue.
Features
Whether they practice at global firms consisting of thousands of lawyers or decide to hang a shingle and put their name on the door, lawyers chose a path requiring continuous, never-ending hustle. Not only do they need to master the practice of law, they need to master the art of driving revenue.
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The past year posed new and unusual challenges for U.S. law firms, rattled by economic uncertainty, remote work, stay-home orders and social distancing. Despite the turmoil, profits at the Am Law 100 leapt to new heights.
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As firms and their clients continue to navigate ongoing business challenges in 2021, BD and marketing professionals first need to understand how mature their efforts are in specific areas. Then, they can look at what the successful firms are doing differently, so they can position themselves to join those ranks.
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In the decade ahead, the mechanism for offsetting the effects of external market forces on profitability will shift from changing partnership composition to transforming a partnership's behavioral norms, centering on how partners behave toward each other and help each other become the best possible version of their professional selves.
