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As cybercrime intensifies, it is revealing a skills shortfall among those who defend our financial infrastructure. It has become critically clear that we need to radically rethink the way we prepare our frontline defense to include more experts with both technical savvy and accounting expertise. In other words, we need an army of cyberaccountants.
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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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Alternative-fee arrangements help establish a link between outside counsel costs and the value provided.. Yet, adoption of AFAs remains sluggish — even as outrage over outside counsel hourly rate increases grows.
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Although the inflation rate is down, law firms are still fighting "across-the-board" cost increases, including for talent and technology, as well as overhead costs for occupancy. Those costs are expected to have an outsize influence on law firm operations going into 2024.
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Hoteling has a negative connotation in the legal industry as little has been done to make the experience reliable and something to look forward to. The fact is, hoteling has worked very well in other industries for many years, and lessons learned here can help law firms.
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Embracing flexibility can provide law firms with a range of competitive advantages, from attracting and retaining top talent to fostering diversity and expanding their client bases. This article delves into the numerous benefits of flexible law practices and explore how those practices could contribute to the growth and success of modern law firms.
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This article is about putting more money into the distributable income line on your monthly financial report; how to rethink and profit from your annual budget-planning cycle, which should be underway now and not postponed for January after the "year-end" collection silly season.
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Embracing flexibility can provide law firms with a range of competitive advantages, from attracting and retaining top talent to fostering diversity and expanding their client bases.
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In most law firms, there are walls that can prevent all of us from being both seen and heard by all within an organization. However, these obstacles can be overcome in most settings, despite the different factors that may keep employees, supervisors and team members from prevailing over them.
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Without recognition for their varied contributions, young lawyers are likely to feel more disenchanted or disinterested in career longevity or leadership duties at a law firm.