The "one-percenters" that we are hearing so much about in this year's primary election campaigns also have an analogous place in current law firm economics. The rich are getting richer, and most others are struggling to hold their own.
Although legal professional development administrators continue to fight the good fight with respect to new associate development and integration, they must now, more than ever, start focusing on the fact that Millennial lawyers are getting closer to partnership. .
Whether businesses sell hard goods, license technology or dispense advice ( e.g. , law firms), the common thread is that they are all businesses founded by one or more individuals, all of whom will someday exit the business. Law firms are businesses, and all too often partners and founders lose sight of that basic premise.
The usefulness and ubiquity of Wikipedia makes it nearly everyone's first port of call for online research. Because of Wikipedia's importance, it presents both a huge opportunity and a great danger to companies and people written about in its virtual pages.
In the last 10 years, the author has coached hundreds of associates. Some left law entirely, others have gone in-house or to work for the government, Many have become non-equity partners, and some are equity partners. Here is a look at the ones who aim for partnership in a large firm.
According to the author, "Retreat" should be referred to an "Advance": 1) to move or bring forward; 2) to bring into consideration or notice; suggest; propose; 3) to improve; further, to advance one's interests.
Buy-sell agreements are arrangements between owners of a business where one or more owners agree that they will purchase the interest of an owner who withdraws or becomes deceased. Essentially, a buy-sell agreement is similar to prenuptial agreement between business owners, which details the financial aspect of the unwinding of the business relationship.
The old-school term is Client Satisfaction. It's been replaced with Client Delight, which is defined as beyond satisfaction. No matter what you call it, best-in-class client service is where it's at ' and where it will be going for some years to come.
Hourly rates can be a moving target as clients negotiate down firms' published rates, but in a low-demand era where lawyers need every dollar they can bring in, it seems associates are the ones troubled lately with how rates are set.
