-
Accounting And Financial Planning For Law Firms
Crafting an Effective Roadmap for Implementing Information Governance In Law Firms
Gregg Parker
This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
Read More ›
-
Accounting And Financial Planning For Law Firms
Minimizing Risks When Working With Contract Attorneys
Shari L. Klevens and Alanna Clair
Law firms commonly rely on contract attorneys to assist with a large project for a single matter or collective overflow from multiple matters. While using contract attorneys to address staffing needs is common and routine, it is not a risk-free arrangement. Here are some tips to help law firms minimize potential risks when working with contract attorneys.
Read More ›
-
Marketing The Law Firm
Sensory Designed Hospitality: Enhancing Workplace Experience Through the Five Senses
Petra Parros
Organizations understand that their workplace environment reflects the culture of their organization and are making extraordinary changes to their real estate and fundamental differences in their office operations. But is it working?
Read More ›
-
Accounting And Financial Planning For Law Firms
Need to Do More with Less? CRM Could Be the Key
Chris Fritsch
CRM is foundational to the success of marketing and business development teams because it is precisely the tool that allows the firm to efficiently manage and nurture client and prospect relationships.
Read More ›
-
Accounting And Financial Planning For Law Firms
Leading Legal Department Trends for 2024
Wendy King and David Horrigan
Recent research based on interviews with chief legal officers around the globe found that the increased scope and scale of risk now facing corporations is driving change in how legal teams set their strategies, leverage technology and manage operations.
Read More ›
-
Accounting And Financial Planning For Law Firms
Generative AI and Law Firm Pricing
Isha Marathe
Generative AI, combined with client education, could signal the slow death knell of the billable hour.
Read More ›
-
Accounting And Financial Planning For Law Firms
Law Firms Are Rethinking Comp Systems to Recruit and Retain High Performers
Justin Henry
No matter the approach, firms appear to have a common goal in mind when widening the ratio in pay for the highest and lowest-paid partners in order to better recruit and retain high performers.
Read More ›
-
Accounting And Financial Planning For Law Firms
Strategic Planning for 2024: New Considerations for Legal Industry Leaders
Yuliya LaRoe
The business landscape over the last few years has been changing at an ever-increasing speed, and 2024 promises to be no different. To effectively navigate the challenges and opportunities that present themselves, leaders need to adopt a fresh approach to strategic planning.
Read More ›
-
Accounting And Financial Planning For Law Firms
Nurture Your Clients To Develop, and Deepen, Relationships
Yuliya LaRoe
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.
Read More ›
-
Accounting And Financial Planning For Law Firms
How Legal Finance Can Bridge Risk Gaps and Support Growth
G. Andrew Lundberg
Like a threaded coupling or an electrical converter that allows non-matching mechanical or electrical components to be joined seamlessly together, legal finance can be the “adapter” that brings together lawyers with compatible talents but different economic outlooks and comfort levels.
Read More ›
-
Accounting And Financial Planning For Law Firms
It’s Hoteling, Not Moteling
Anthony Davies
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.
Read More ›
-
Accounting And Financial Planning For Law Firms
‘Do More With Less’ Is Theme from New Legal Ops Report
Trudy Knockless
The overarching finding of Thomson Reuters Institute’s “2023 Legal Department Operations Index” is that workloads are increasing but budgets aren’t. The phrase “do more with less” appears three times in the report and similar sentiments appear on nearly every page of the its 25 pages.
Read More ›
-
Marketing The Law Firm
How Diversity Impacts Daily Operations of A Law Firm
Amie Santos
How effective operational impact and change led by diversity professionals can benefit all members of the workplace.
Read More ›
-
Marketing The Law Firm
Mastering Collaboration: Enhance Productivity With Your Outside Marketing Agency
Melanie Trudeau
For law firms seeking to thrive in today’s competitive landscape, partnering with a specialized marketing and PR agency is a strategic imperative. Agencies possess a deep understanding of the intricate balance between legal expertise and effective brand communication.
Read More ›
-
Marketing The Law Firm
Building the Law Firm of the Future
Joel Wirchin
As organizations strive for growth into the future, outsourcing helps to find the balance between risk and opportunity, between cost and access to new skills and capabilities, curating innovation, and incorporating new remote working norms.
Read More ›
-
Marketing The Law Firm
Effective Hybrid Work Polices Need a Stick to Go with the Carrot
Anthony Davies
While many firms have, in fact, embraced hybrid operations, the meaning of hybrid has evolved from “office optional,” to an average required 2 days a week, to now many firms coming out with four-day work week mandates — this time, with teeth.
Read More ›
-
Marketing The Law Firm
New Report Focuses on How Modern Law Firms Are Navigating Digital Transformation
Ari Kaplan
Leadership, Growth, and Profitability in a Post-Pandemic Era: Insights on Navigating Digital Transformation in the Modern Law Firm emphasizes the connection between legal technology and law firm success, the importance of training to ensure technology adoption, the influence of automation and document management on digital transformation, and how law firms are deploying data to create a competitive advantage.
Read More ›
-
Cybersecurity Law & Strategy
AI and Law Practice: A Roadmap for Success In Modern Legal Firms
Melissa “Rogo” Rogozinski and Steve Salkin
This article lays out a general roadmap for success in modern legal firms through the strategic incorporation of AI technologies.
Read More ›
-
Accounting And Financial Planning For Law Firms
New Report Looks At the Expanding Influence of Legal Operations
Ari Kaplan
The economy, technology, and practice preferences continue to influence a reconfiguration of the corporate legal department in a post-pandemic period.
Read More ›
-
Cybersecurity Law & Strategy
The Expanding Influence of Legal Operations: New Report Focuses on AI, CLM, and Law Department Transformation
Ari Kaplan
Operations leaders are driving efficiencies, helping manage the growth of data, and harnessing the power of digital transformation to fuel business success while minimizing risk. They are also taking on greater roles and helping general counsel shape strategies that include embracing CLM, AI, and other tools to enhance the way their teams work.
Read More ›
-
Accounting And Financial Planning For Law Firms
The Business Benefits of Leasing When Combatting the Increasing Costs of Operating a Firm
Mike Henderson, Whitney Jones and Bill Pitcairn
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.
Read More ›
-
Accounting And Financial Planning For Law Firms
Should Law Firms Make Pass-Through Entity Tax Elections?
Jonathan Weinberg
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.
Read More ›
-
Accounting And Financial Planning For Law Firms
Big Law Leaders Grappling With Attorney Disengagement
Andrew Maloney
Unlike burnout or “quiet quitting,” which arguably stemmed from mostly short-term dynamics, observers point to a collision of current and long-term trends, such as post-pandemic work and generational shifts, that have led lawyers today to be less committed to or fulfilled in the profession as they were a decade ago.
Read More ›
-
Cybersecurity Law & Strategy
4 Pitfalls To Avoid In Legal Operations (and How to Deal With Them)
Brian Corbin
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
Read More ›
-
Accounting And Financial Planning For Law Firms
Four Legal Ops Traps That Can Stunt Growth
Brian Corbin
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
Read More ›
-
Accounting And Financial Planning For Law Firms
Using the Generational Gap To Enhance Engagement
Marcie Borgal Shunk
In an era where the power dynamics in the legal industry are shifting decidedly to talent, a firm’s ability to tap into generational differences to invigorate, attract and retain talent is a competitive advantage.
Read More ›
-
Accounting And Financial Planning For Law Firms
Law Firms Saw Moderate Revenue Growth In Q1 Despite Challenging Demand Environment
Gloria Gomez-O’Rourke and Mike McKenney
Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.
Read More ›
-
Accounting And Financial Planning For Law Firms
Why Law Firms and 3Ls Alike Should Consider Deferring
Hugh A. Simons
We can expect that soon some enlightened Big Law firms will level with their incoming associates (or at least the corporate ones) and explain that market conditions are such that the firm cannot assure them of the volume of work necessary for their normal growth and development and, accordingly, the firm is offering a stipend (and health insurance) to those who choose to defer for a year.
Read More ›
-
Cybersecurity Law & Strategy
3 Common Pitfalls Lawyers Face Without Legal Analytics
Aria Nejad
Without the right tools, even the most skilled lawyers can fall victim to common pitfalls that can cripple their performance and success. This article discusses three of these pitfalls and how legal analytics can help lawyers stay ahead of the competition and provide the best counsel to their clients.
Read More ›
-
Accounting And Financial Planning For Law Firms
AI Isn’t New to Law: How the Practice of Law Should Embrace AI
Melissa “Rogo” Rogozinski
Understanding what AI is — and what it is not — helps to identify where it can be of value and what limitations it currently has. Not only will AI certainly impact your practice in the future, it already has.
Read More ›
-
Accounting And Financial Planning For Law Firms
Won’t You Stay? Using Stay Interviews To Gain Employee Feedback
Scott Wooldridge
Stay interviews are designed to give employees a chance to give feedback and insight into their experience at work so that companies can better meet their needs and concerns.
Read More ›
-
Accounting And Financial Planning For Law Firms
Investing In Practice Management Can Pay Off for Partners, Talent and Clients
By Mark Masson, Ed Estrada and Jay Russell
While the practice leaders, partners and lawyers in a practice know their clients best, they focus most of their time and energy on being legal experts. This is where practice, operations, and firm-level leadership need to provide focus, process and resources to help their legal experts deliver their unique value to clients.
Read More ›
-
Accounting And Financial Planning For Law Firms
Legal Industry ‘Ripe for Disruption’
Cassandre Coyer and Justin Henry
While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date.
Read More ›
-
Cybersecurity Law & Strategy
Legal Operations Success In 2023
Ari Kaplan
Strategies for Navigating an Uncertain Economy, Leveraging CLM Technology to Streamline Processes, and Embracing Change
During a recent discussion with a select group of leaders in legal operations in highly-regulated organizations, several key themes emerged that are likely to drive new initiatives in 2023.
Read More ›
-
Accounting And Financial Planning For Law Firms
Legal Operations Success In an Uncertain Economy
Ari Kaplan
In the uncertain economy that is characterizing the first quarter of the year, there remains a significant emphasis on demonstrating value to secure new resources.
Read More ›
-
Marketing The Law Firm
Shrinking Demand? Top 7 Reasons Firms Are Leveraging Experience Data
Jason Noble
While the competition for outside legal services has never been more intense, the strategic approach firms take — including a strategic approach to technology — will define whether the market pressures are a threat or opportunity.
Read More ›
-
Marketing The Law Firm
Marketing Tech: Legal Ops Success In an Uncertain Economy
Ari Kaplan
Ari Kaplan speaks to leaders in legal ops on key themes emerged that are likely to drive new initiatives in 2023.
Read More ›
-
Accounting And Financial Planning For Law Firms
Embedded Finance Is Changing the Business of Law
Kevin Gallagher
A revolution is underway in small and medium-sized businesses (SMB) banking and payments and will impact the way legal, accounting and other professional services firms manage their finances.
Read More ›
-
Marketing The Law Firm
Recessions Offer Opportunity To Improve Your Processes and Innovate
Ioana Good
Recessions are full of opportunity. No matter what industry you work in, a slowdown in the economy is an opportune time to invest in your brand, improve your processes, strengthen your business focus, and innovate to get a jump on competitors.
Read More ›
-
Accounting And Financial Planning For Law Firms
Layoffs, Expenses and Return-to-Office Policies Top Worries of Law Firm Leaders In 2023
Andrew Maloney and Patrick Smith
While economic troubles and fears of a recession are top concerns for law firm leaders now, some shifts within the legal industry are also triggering alarm bells. Interviews with more than a dozen law firm leaders identified a growing list of challenges that law firm leaders are grappling with now,
Read More ›
-
Accounting And Financial Planning For Law Firms
Using Feedback To Improve Team Performance
Mark Beese
The problem with giving feedback is that it often comes across as criticism. Human beings tend to react defensively, resulting in a denial of the feedback or worse, entrenchment in the behavior or attitude that may be derailing them in the first place. How can we give feedback in a way that minimizes defensiveness?
Read More ›
-
Accounting And Financial Planning For Law Firms
Why Are Some Bills Easier to Collect Than Others?
Alex Geisler
Why do some people sail through the entire budgeting, billing and collection process, while for others collection always means trepidation?
Read More ›
-
Marketing The Law Firm
Meeting Client Expectations to Provide Good ‘Customer Service’
Alex Geisler
Buyers of legal services are now a highly sophisticated and connected community. What the clients now not only want but insist on, is operational efficiency, effectiveness and transparency.
Read More ›
-
Accounting And Financial Planning For Law Firms
Investing In Resources That Make a Law Firm Hum
Jennifer Johnson and Haley Revel
Firm leadership must think about their talent (and that means all their talent) differently than they do today: as a core business asset whose managed value can make or break the firm’s success.
Read More ›
-
Accounting And Financial Planning For Law Firms
Litigation Financing 2.0: Financing the Business of Law
Joshua Libling
It is not accidental that funding the creation or growth of law firms and practice groups has tended to follow a traditional path. Rather, this circumstance is a combination of traditional legal temperament and structural barriers to innovation. Recently, there have been changes to both.
Read More ›
-
Marketing The Law Firm
Without Mandatory Retirement, Lack of Succession Plans Threaten Small and Midsize Firms
Dan Roe, Justin Henry and Jessie Yount
In the post-pandemic era, widely adopted flexible work arrangements have given lawyers a new view of their work. But in a profession without mandatory retirement policies, a partner’s decision to keep practicing may not entail a discussion of the ultimate succession of their practice and clientele.
Read More ›
-
Marketing The Law Firm
Conflict Strategies: Three Keys to an (Almost) Drama-Free 2023 for Your Law Firm
Susannah Margison
Office drama can be a big problem for law firms. Whether it is showing up as office gossip, the partner who is terrible to their associates and staff, two people who just cannot seem to get along, or a revolving door of lawyers or staff, drama can be distracting, hamper productivity, and reduce billable hours.
Read More ›
-
Accounting And Financial Planning For Law Firms
How Attorneys Can Have Their (Hybrid) Cake and Eat It, Too
AshLea Allberry
No one would have predicted hybrid operations — but hybrid is here to stay. Firms have a lot to gain in terms of creating a new culture that attorneys love but that new culture will be built on flexibility and dynamism only technology can manage.
Read More ›
-
Accounting And Financial Planning For Law Firms
Amending (or Terminating) Deferred Compensation Plans Without Penalties
Lawrence L. Bell
This article reminds readers of §409A’s draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
Read More ›
-
Accounting And Financial Planning For Law Firms
Meeting Client Expectations
Alex Geisler
The New Reality, for which law firms are scrambling to equip themselves, is that law firms no longer define their own service levels. Now it’s the clients, and they have clear expectation parameters.
Read More ›