Features
Strategies to Avoid or Reduce Billing Rate Discounts
For a large portion of engagements, discounts are not necessary to win the work. In fact, discounts come at a price. Both parties assume a degree of risk when margins are thinned. This article presents several techniques that you can use to re-direct discussions away from discounts and help to minimize their financial impact.
Features
Lateral Partner Survey Casts Doubt on Compensation as King
In a survey conducted by Major, Lindsey & Africa, lateral partners put firm culture and practice support ahead of anticipated compensation when considering a new firm.
Features
Leadership in Law: Getting a Seat at the Table
How Law Firm Marketers Can Assume a Leadership Role The marketing director needs to gain "a seat at the table" in order to have a voice in planning, and to be viewed as an integral member of the firm's management team. How do you go about earning that seat?
Features
Law Firms Enter the Golden Age of Data Mining
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
Features
10 Top Strategies for Retaining Tomorrow's Talent
All lawyers want to be wanted and valued by their firms. It has become apparent that tomorrow's legal talent requires even more hand-holding than previous generations. They want to understand why and what's the payoff of their efforts. By creating a firm culture that addresses these concerns you will heighten your firm's ability to retain precious talent.
Features
Bursting the Bubble of Associate Compensation
Smart business leaders compete by constantly seeking cost advantages. Yet law firm leaders compete by perpetually increasing associate compensation. As always, this will not end well.
Features
Lawyer Well-Being at Work: It's a Two-Way Street
It's Not the Number of Hours We're Billing or the Number of Hours We're Working; It's the Way We Feel About How We Spend Those Hours That Matters Working long hours, tracking those hours and feeling that we have to grind all year to hit a specific number of hours to meet a profitability target can make us feel like fungible, dehumanized automatons rather than highly trained providers of specific and thoughtful solutions to complex legal challenges.
Features
New Partners Are Worried About Mental Health and a Looming Recession, Annual Survey Finds
Newly minted partners offered up some usual complaints on this year's New Partners Survey, lamenting unexpectedly low compensation, opaque performance metrics and copious administrative work. But new anxieties have arisen among Big Law's latest partner class, including the threat of a recession and growing concerns about mental health.
Features
Increasing Client Requirements: Securing Law Firms for the 21st Century
Clients expect sophisticated and secure systems to keep their information safe. This obviously makes your IT professional's job much harder. Additionally, attorneys expect instant performance and near 100% up time. Achieving the delicate balance between accessibility and security is a challenge.
Features
Law Firm Debt Levels Shrink as Partners Put More Skin in the Game
What Does Widespread 'Deleveraging' Mean for Law Firm Health? Industry watchers say law firms have become less reliant on bank debt over the past decade, as they explore other funding options. Often, that means raising capital from partners, or turning to other, less common sources.
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