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<b><i>The Bottom Is Eventually Going to Drop on the U.S. Economy, and Many Law Firms Won't Be Positioned to Handle the Fallout</b></i><p>No economic expansion lasts forever. That's a hard-and-fast truth of macroeconomics, one that's on the minds of certain law firm leaders.
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Here are some common retirement planning pitfalls that lawyers often experience.
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<i><b>Part Two of a Two-Part Article</i></b><p>In addition to ensuring that a bio focuses on “the right stuff,” it is essential that the bio be both search engine and social media friendly.
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<b><i>Raising Costs and Declining Demand are Sapping Profits</b></i><p>The “New Normal” of today is one in which raising operating costs, associate salary increases, and reduced realization rates coupled with AFAs and demands from corporate counsel for reduced rates are sapping firm profits and there is no relief on the horizon. Law firm leaders, seeing current conditions, should be asking if there is a better way.
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Even though law firms don't generally manage retail-type websites, they are far from immune to cyber threats. In fact, firms are prime targets for cyber criminals.
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What does it take to be a successful attorney in today's legal environment? For one thing, it takes a little help, which more and more often comes in the form of a business development coach.
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<b><i>Cryptocurrency's Technological Character Allows Estate Planning to Protect the Intent of Its Holders, But the Lack of Statutory Structure Necessitates Proactive Steps</b></i><p>Cryptocurrency, such as Bitcoin, has value and therefore is increasingly likely to become an estate asset. Due to the nature of cryptocurrency, typical wills and revocable living trusts may not be well suited to efficiently transfer this new type of asset. Consequently, new estate planning questions and clauses are needed.
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Cash flow management can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.
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If you listen to the marketplace, you will know what to do in connection with client growth and client retention. Are firms listening to this advice?
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AI solves real challenges and answers real questions that lawyers face every day. It can accomplish or facilitate these tasks more quickly, accurately and efficiently than even the most capable human experts — with the goal of augmenting their skills rather than replacing them.