The role of chief strategy officer (CSO) — increasingly common in corporate America — has been adopted by relatively few law firms. Consultants say perceptions of what the position entails and whether it's necessary vary widely throughout the legal industry.
While the year-on-year trends look appealing, a longer-term analysis reveals that many key metrics are showing signs of pressure, and firm performance is growing increasingly erratic. The Am Law data reveals that the past year has been good to Big Law but it also shows growing signs of problems on the horizon.
No longer are law firms the only option for clients with legal work; they now have a wider menu of providers from which to choose. But what are the contours of that Alternative Legal Services (ALS) market? How are these new providers being used by corporate clients and law firms? What's driving that usage? And what does it mean for traditional law firms?
Absent the willingness or inability of first tier partners to create an environment in which blossoming attorneys can achieve their personal, professional and economic objectives, the likelihood is that these very attractive partners may leave to join other law firms.
The role of chief strategy officer (CSO) — increasingly common in corporate America — has been adopted by relatively few law firms. Consultants say perceptions of what the position entails and whether it's necessary vary widely throughout the legal industry.
Whether a firm has poor leaders, leaders with no vision, leaders who micro-manage or leaders who are downright dysfunctional, somewhere in the firm there is an opportunity to help a leader or a group of leaders to become more effective.
Marketing and business development in law firms is no longer the exclusive domain of marketing and business development executives. Many more executives are pursuing revenue in one form or another, and those dedicated to the function should welcome this development rather than feel threatened by it.
Part One of a Two-Part Article
The two major challenges now facing lawyer management in many mid-size firms are: 1) how to motivate the non-entrepreneurial attorneys to achieve and to perform; and 2) how to retain the "over-achiever" attorneys so they will remain with the firm.
Litigation finance, or the practice of providing capital using legal claims as the underlying asset, is a growing industry. Its use by law firms alone grew four-fold between 2013 and 2016. To optimize its use, the legal and corporate industries should first collect the facts.
This article reviews recent developments in the law governing employer inquiries into and reliance on the compensation history of prospective employees — and analyze the New York City ordinance within this greater context.
