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Law firm leadership is at a proverbial fork in the road. The people running law firms can continue to do business as usual, or they can lead their firms toward a model of business that reflects the new and still evolving client expectations and market demands.
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<b><i>Optimal Insights Through Inter-Departmental Initiatives</b></i><p><p>As dizzying amounts of resources and the need for the timeliest insights grow, the conduit and collaboration between business development and an organization's information management department, especially, becomes more critical than ever.
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By guiding your colleagues and lawyers to focus on the business consequences of timely legal issues, you introduce them to reporters as sources whose opinions and predictions will be quoted in these look-back and look-ahead review stories that executives and prospective clients will be reading to gear up for the new year.
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A law firm executive's ability to lead lawyers' potential for greatness can be evaluated using a model that is similar to baseball. The term “five-tool player” is used to describe a player who has an array of skills across a broad spectrum.
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Over the years, the structure of law firms has shifted from a geographical model to a practice group model. Rather than placing leaders in each geographical office, law firm practice group leaders have more power. As law firms have evolved in size, reach, and complexity, so too has the need for seasoned executives to manage the business of law.
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With associate compensation dominating the headlines over the past several months, partner compensation has managed to slip under the radar. This isn't particularly surprising, however, given how uncomfortable discussions regarding partner pay can be for lawyers and their firms.Despite the tendency to delay or even avoid such conversations, partnership compensation remains one of the most scrutinized decisions in a law practice.
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The new DOL regulations that will take effect on Dec. 1, 2016 do not precisely resolve the present overtime eligibility debate; the absence of clarity remains a material issue especially with respect to highly compensated individuals or large groups of employees who are not easily classified.
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As more and more millennials enter the workforce, generational clashes will continue. What can be done to bridge the gap and why should you care?
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Since litigation finance hit the scene just a couple decades ago, the business has evolved from investing in single lawsuits to groups of claims to purchasing judgments at bankruptcy auctions. Now, some litigation finance firms are preparing for an even bigger change to their business model: Injecting cash directly into law firms in the form of an equity stake that isn't tied to any specific case.
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<b><i>The Paradigm Shift Hits the Fan</b></i><p><p>AI — artificial intelligence — and its relatives: digital research engines, “bots” and other automatons, have made their beachhead in the legal profession, and it really looks like this is gonna change everything.