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Setting the next year's billing rates follows a simple formula at most firms: last year's rate plus a common percentage increase across all lawyer cohorts. A more disaggregated approach is needed -- firms should set higher percentage increases for senior lawyers and lower increases for junior lawyers.
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At the ALA annual conference in Denver, I was speaking on how law firms could provide better administrative support for their attorneys and how alternative strategies were being deployed by some law firms to achieve those goals. After my session, the discussion continued with a group of participants and the hat trick metaphor was born.
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Will big law firms and their partners benefit from the new Republican tax plan promoted by President Donald Trump? Not necessarily, according to tax experts who say some gains may be eroded by loss of crucial deductions.
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<b><i>Part Two of a Two-Part Article</i></b><p>Last month, the author discussed the fact that even though managing partners recognize the importance of developing and implementing sound principles of practice management, the extent to which the concept is successfully implemented varies greatly from firm to firm. He concludes his discussion herein.
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In a market where clients are struggling to deliver more legal services for less cost (the challenge), RichardSusskind says a law firm may be tempted to undercut its competition on price in hopes of winning more work. But is it actually happening?
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<b><i>How to Take a Law Firm Beyond Insurance</i></b><p>With expectations for an always-on law firm, significant challenges within the legal industry to maintain competitiveness and perform due practice for cybersecurity and other disaster scenarios come from both clients and regulatory bodies.
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<b><i>Law Firm Marketing Teams Need to Adapt!</b></i><p>For the most part, law firms continue to structure themselves in a traditional operating and employment models with a dedicated workforce of talent arranged in an organizational hierarchy. In today's Gig Economy, however, this will unlikely hold. Here's why.
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There is a patented methodology that follows the same path that the introduction of depreciation followed, with the impact being similar in its influence, power and effect: The AIM (Actuarially Initiated Measurements) Program. An employer using this methodology realizes the ability to uncover and maximize missed opportunities to control fluctuations and variations in earnings per share (EPS).
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Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.
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For tax professionals, particularly those who specialize in the area of state and local taxes, nexus is a topic that is discussed all too often. Nexus rules have lagged behind the ever-changing economic landscape, but states are beginning to catch up. Nonetheless, the nexus rules are very important for professional services firms such as law firms.