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Talent is the single most valued asset within a law firm. And, the role and influence of talent in law firms is on the rise. How law firms engage with, respond to and anticipate changing talent needs has the power to transform the legal landscape and dictate which firms come out ahead.
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Partnership audit changes present increased exposure to partnerships and their partners, and future legislation may curtail much of the flexibility associated with partnerships.
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Attorney retirement and succession planning are critical issues that are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, many firms avoid addressing both.
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Attorneys retiring and succession planning are critical issues are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, many firms avoid addressing both.
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Business development is, first and foremost, about people and your relationships with these people. While marketing and visibility activities (speaking, writing, etc.) are critical, it's the people who ultimately make the hiring decisions. As a lawyer, while time is rarely on your side, developing your Nurture System will help you strengthen and deepen your important relationships in ways that are sustainable and effective.
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The two-tier partnership structure has gained wider acceptance as a key tool for increasing profitability, as well as talent acquisition and retention. Let's explore how this model is reshaping law firm dynamics, offering new opportunities and challenges in the war for legal talent.
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Like a threaded coupling or an electrical converter that allows non-matching mechanical or electrical components to be joined seamlessly together, legal finance can be the "adapter" that brings together lawyers with compatible talents but different economic outlooks and comfort levels.
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Experience management is vital not only in terms of raw time savings and cost efficiencies but is pivotal in the firm's ability to win new business.
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Law firm leaders are increasingly concerned with lack of engagement. With law firm demand down and office attendance policies in flux, many firms don't believe their workforce is optimally motivated and are struggling with disengagement. The concern is that psychological investment changes when professionals don't see co-workers in the office, making it easier to develop distance, and disconnect.
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Marketing and business development for law firms increasingly complex. As competition intensifies, RFPs and marketing output rise, and maintaining brand consistency across changing markets, regions and diverse work settings becomes a critical concern. It's time to think big.