Features

Big Law firms have stepped into a whole different world of partner compensation in the last year, by stretching their spreads, increasing bonus pools, moving to “black box” systems, adding nonequity tiers, and implementing “super” points, among other changes.

Features

Simply put, the old levers of profitability — billable hours and rate increases — are no longer sufficient. Firms that fail to proactively address inefficiencies risk losing market share to more agile competitors. To remain competitive, law firms must rethink traditional business models and optimize operations at every level.

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With law firms continuing to face heightened market and industry pressures, business development is essential for both law firm growth and individual lawyer success. However, coaching lawyers to become effective rainmakers presents unique challenges.

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With a growing number of firms moving to a two-tier partnership structure, the question becomes what comes next for the dwindling number of major firms that don't have a nonequity tier. At what point do tradition and culture yield to change and progression?

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The LJN Quarterly Update highlights some of the articles from the nine LJN Newsletters titles over the quarter. Articles include in-depth analysis and insights from lawyers and other practice area experts.

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Smaller law firms can significantly increase their chances of competing with large "Goliaths" by bringing an industry focus, maximizing their digital footprint, building processes and systems around the pitch/proposal process, looking backwards for strengths, and engaging in social media.

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How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions While humility is incredibly important in business and law, it is equally important to identify and articulate what you do well — really well — in your practice. Those who can ascertain, embrace and communicate their differentiator(s) will be well-positioned for steady practice and client growth.

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The proposed regulations would disallow basis adjustments in many non-abusive scenarios where those basis adjustments are necessary to achieve tax results that correspond to economic reality.