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?
How to Take a Law Firm Beyond Insurance
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.
Law Firm Marketing Teams Need to Adapt!
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.
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).
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.
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.
Part One of a Two-Part Article
Managing partners and members of executive committees in the most successful law firms strongly support the concept of having Practice Group Leaders (PGLs) assume a major role in their firms' efforts. Here's why.
Making partner isn't cheap, and the cost is more than just the years of hard work and stress that associates put in as they reach for the brass ring.
Economics tells us an industry that experiences a drop in aggregate demand, adds production capacity, and increases the market overlap among competitors will suffer price erosion and profitability decline. Law firms fit this profile. Yet, in talking with law firm partners, you don't get the sense that any such "disruption" is happening. Perhaps economics has bypassed law?
Cyber attacks and theft are on the rise around the country, and law firms are becoming prime targets. Unlike manufacturers, banks and retailers, law firms are unique organizations that are highly vulnerable.
