Features
The Top 5 Law Firm Business Development Trends of 2023
The legal industry has undergone significant changes over the years with advancements in technology, shifting client expectations and increased competition driving firms to adapt and evolve. And while legal marketing and business development departments have transformed over as well, there is still much room for improvement to capitalize on the tremendous talent that exists within these teams.
Features
The Business Benefits of Leasing When Combatting the Increasing Costs of Operating a Firm
There's a wide range of business benefits to leasing that help firms better manage current market challenges beyond cash management — so we asked our law firm clients what they saw as the most compelling business benefits of leasing in today's challenging economy.
Features
How Law Firms Can Utilize Artificial Intelligence for Marketing
Artificial Intelligence will revolutionize law firm marketing forever. Law firms are now (or should be) leveraging the potential of AI in order to enhance their marketing efforts. By harnessing the capabilities of AI, law firms are able to expand their marketing strategies, boost efficiency, accuracy, and overall client engagement.
Features
Is Non-Lawyer Ownership of Law Firms Coming Soon?
Powerful forces are now pushing regulators in the direction of non-lawyer ownership of law firms in the United States. Some of the forces are completely well-intentioned, but some of the forces are not so well-intentioned.
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Young Partners Need to Embrace an Ownership Mentality
Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
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Should Law Firms Make Pass-Through Entity Tax Elections?
As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
Features
Top 5 Questions When It Comes to Strategically Growing Your Business With LinkedIn
When working with clients, we see a lot of common questions about using LinkedIn for strategic growth. Many people and companies are on this platform, and many are looking for answers on using it to its full potential. Here are some of the top questions that clients ask when it comes to leveraging LinkedIn for marketing.
Features
Midsize Firms Outpace Am Law 200 In Key Growth Metrics
While many of the country's largest law firms contend with financial volatility that has resulted in financial declines and workforce overcapacity, the 20 midsize firms included in the Am Law 200 outperformed the 2023 Am Law Second Hundred in key financial metrics.
Features
AI Regulation In the U.S.: What's Coming, and What You Need to Do, Part 2
Part Two of a Two-Part Article In Part One, last month, the authors addressed the industries most affected by AI, and began the discussion on U.S. federal and state regulations to expect in 2023. Part Two continues the discussion on potential federal AI regulation and what companies can do to prepare.
Features
Using the Generational Gap to Enhance Engagement
For over a decade, starting when the first millennials graduated law school, efforts to seamlessly integrate — or, perhaps in some cases, strong-arm — new hires into the law firm business model have been a source of focus; and, for many, consternation. Distinct contrasts in ways of working, personal motivators and prevailing attitudes have left many leaders frustrated and disillusioned.
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