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Challenges facing us in 2019, while seemingly very distant, deserve attention in addition to the new obstacles our firms face during what may be a temporary flattening of the COVID-19 curve. Here are four areas that law firms must continue to address to remain on the right side of 2020.
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The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
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The economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging than the Great Recession of 2008 in light of the non-discriminative impact of the virus. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future.
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With national shelter-in-place orders in place now for several months with information on resuming business in the new normal changing every day, lawyers must consider pivoting how they operate their businesses in today's sub-normal climate.
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It is critical that lawyers determine strategies that match their skills, personalities, and perceptions and experiences.
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Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. It not only helps your firm prospect for future clients, but also helps you strengthen and expand existing client relationships.
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Conscientious development of associates through training and mentoring enables them to become dynamic, professional, and ethical attorneys who provide high quality service that clients expect.
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The COVID-19 crisis has caused a money crunch across industries, and CLD budgets are tightening. This downturn demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.
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The largest law firms are pouring substantial resources into business development training, cultivating leadership skills and professional coaching, according to a new report, and they're fielding teams of marketing professionals and lawyers to court and maintain clients. But the report found that the efforts — and the results — have been uneven, especially when it comes to developing leadership and building effective client teams.
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While we may use analytics differently in our respective companies, one thing is certain: Legal analytics is the future and it's time to jump on board.