Being asked to join the partnership of a firm is a measure of success as a legal professional. With that achievement comes tax and financial responsibilities that, surprisingly, few attorneys are fully prepared to deal with. These responsibilities include the unexpected individual federal and state and local tax filing and payments.
With every request for external exposure, there is also an assumption that one effort of marketing will result in millions in new revenue. Yet, we all know that the responsibility to implement all marketing initiatives is on the lawyers.
Technology is playing an ever-increasing role in our lives, personally and professionally. One of the emerging technologies that has caught my eye is blockchain.
With the cost of doing business consistently on the rise combined with the increasing difficulty to find/retain great employees, there is no better time to pursue employment-based tax credits. There are both federal and state employment-based credits available that can help businesses offset income tax liability.
Orion's ePrebill Manager allows corrections to prebills to be tracked and applied in real time, with a one-click acceptance and approval process. Further, by distributing prebills electronically, attorneys can see the edits made by others, the overall net effect of write-downs, and how these affect the realization of both the working timekeepers and the client overall, in real time.
We hear that clients hate to be cross-sold. However, this does not mean that clients are not interested to be introduced to new colleagues who can provide insight. Rather, cross selling must be thoughtful and tailored to clients' needs
While ranking directories are rarely the only tools used to find a firm or lawyer, in-house counsel and CEOs often turn to them as informative research sources. For these reasons alone, preparing materials and references for submission, even though time-consuming, may make sense under the right circumstances.
Strengthening Cultural Expectations Is Key
Client relationship succession planning is a top concern among law firm leaders. Firms of all stripes frequently develop goals in their strategic plans to facilitate more effective client relationship transitions. However, there is room for many firms to take a more formal and proactive approach to effectively transition client relationships across generations.
Conventional business development methods ignore an important part of the legal services selling process: the legal services buying process.
It is vital to have effective marketing and communications, but if legal and business professionals don't listen for — and hear — the Voice of the Client, we risk missing the mark in our strategy, messaging and positioning.
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