Features
Crafting an Effective Roadmap for Implementing Information Governance In Law Firms
This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
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Prospective Partners Ask Small and Midsized Firms Tough Questions About Succession
Do Their Chief Finance Professionals Have Good Answers? Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
Features
What We Should Have Learned from COVID, Part 1: When In Doubt, Communicate
First In a Series First COVID Lesson: Leaders should communicate regularly to their firms in a more personal way, let their personality shine through, show some vulnerability and maybe reveal that they own a dog.
Features
Minimizing Risks When Working With Contract Attorneys
Law firms commonly rely on contract attorneys to assist with a large project for a single matter or collective overflow from multiple matters. While using contract attorneys to address staffing needs is common and routine, it is not a risk-free arrangement. Here are some tips to help law firms minimize potential risks when working with contract attorneys.
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Am Law 100 Insights: How Much Do Realization Rates Actually Matter?
In 2023, Am Law 100 firms saw their lowest realization rates in five years. Despite the lower realization, the industry appears to have had a better financial year in 2023 compared with 2022. So how much do realization rates actually matter?
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Am Law 100 Insights: Does Growth In Nonequity Partners Aid Profitability or Hinder It?
For a long time, the formula for law firm leverage was simple: grow the base of the pyramid by hiring more associates, keep them busy, and profit. But in recent years, that arithmetic is looking more like calculus as expanding nonequity partner tiers increasingly contribute to the law firm leverage equation.
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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates' projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.
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The Impact of Gen X and Millennial Law Firm Leaders
Generation X lawyers stand poised to wield considerable influence. Often the unsung heroes in discussions about generational dynamics, Gen X professionals bring a wealth of strengths to law firm leadership. Their pragmatic outlook, honed by navigating shifts in technology and societal changes, positions them as adaptable leaders.
Features
Retirement Succession Can Hedge Against the Risks of Lateral Partner Acquisition
Increasingly, law firms rely upon acquiring lateral partners and practice groups to grow revenue more quickly than they can by increasing output with existing talent. With this kind of money at stake, a prudent firm is constantly on the lookout for ways to hedge against the risks of acquiring laterals. Implementing an effective retirement succession program is one of them.
Features
It's Time for Lawyers to Return to the Office 5 Days a Week
It's time for attorneys to return to the office on a five day a week schedule. There is significant evidence that shows remote learning is not as effective as in-person instruction.
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