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In June, when the internal emails of former Lewis Brisbois partners were leaked to the New York Post a month after the partners, along with over 100 other attorneys, left the firm to start their own, it offered another lesson to learn in crisis management.
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Automate Onboarding & Offboarding Processes for Smoother Transitions Questions about the role of AI in the legal market continue to dominate current headlines, but firm consolidation remains a big part of the transformation the industry is undergoing. And yes, technology and automation are playing key parts in this. As firms merge or acquire others to expand their capabilities and client base, a streamlined approach to attorney onboarding and offboarding has become essential.
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The economy, technology, and practice preferences continue to influence a reconfiguration of the corporate legal department in a post-pandemic period.
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As firms strive to remain competitive in an increasingly crowded marketplace, marketing and business development professionals can and should play a critical role in driving growth and helping generate revenue.
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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.
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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.
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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.
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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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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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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.