Features
Rainmaker or Hostage Taker?
Despite a surge in articles, blogs and white papers that focus on top trends in law firm business development and management, few have explored critical changes taking place within law firm management, particularly as they relate to the concept of the rainmaker.
Features
Information Governance Career Options
Regulatory and business pressures have upped the ante for data management, and information governance (IG) has emerged as the new buzzword for meeting and beating these stakes. IG is a new way of looking at information management that combines the best of what's come before with new perspectives and approaches to keeping information secure, accessible and available.
Features
How to Approach a Law Firm Merger/Acquisition
Many law firms ' of all sizes and types ' believe that their future organizational and financial security is linked to growth and/or diversification. They are seeking the lateral addition of experienced lawyers through the acquisition and merger of practices. These firms are seeking to anticipate trends of their clients and in legal practice.
Columns & Departments
In the Marketplace
Who's doing what; who's going where.
Features
Law Firm CMOs
Where does a CMO/CBDO belong on the law firm organizational chart? The author explains his point of view.
Features
Office Space
Law firms have long dominated downtown trophy office space, locating in buildings that are the best-of-the-best at "Main and Main." But times are changing. While growth is slowly returning to the legal industry, slightly rising revenues are still no match for rapidly increasing office space rents. New solutions ' and new locations ' must be found.
Features
Maximizing Value in a Software Driven World
Over the last decade, technology has at least conceptually moved from a supporting role to a central role in the legal industry. Law firms market their technology prowess and clients demand investments in systems and expertise to leverage technology on their behalf. It won't surprise any trainers out there, however, to read that law firms continue to face difficulty maximizing effective user behavior, mandating adherence to policies, and even encouraging attendance at training.
Features
Avoid Trust Accounting Pitfalls through Proper Internal Controls
Many attorneys run into issues related to the improper management of trust accounts, and some firms don't have the appropriate safeguards and checks in place to help prevent issues. Implementing proper controls can help reduce the risk of trust accounting improprieties and errors.
Features
Law Firm Leaders Struggle With Setting Firmwide Rates
The collective weight of the new year is upon law firm managing partners, with the season being that of collections, partner compensation and rate-setting. And the latter has proven a bit vexing for firm leaders as they grapple with setting rates in an era where firms span multiple markets and practice concentrations, clients aren't willing to pay the published rates and alternative fee deals are a growing part of firm revenue.
Features
Law Firm Billing Gets Smart with Tech
For law firms to get smart about bidding on work, they need a legal management infrastructure with deep knowledge and understanding of their matters, staffing resources, billing rates and spending data. This business intelligence (BI), goes beyond a stand-alone matter management application.
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- Top 5 Strategies for Managing the End-of-Year Collections FrenzyEnd of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.Read More ›
- The Self-Service Buyer Is On the RiseLaw firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.Read More ›
- Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.Read More ›
- Sink or Swim: The Evolving State of Law Firm Administrative SupportThe paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?Read More ›
- Tax Treatment of Judgments and SettlementsCounsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.Read More ›