Strategically Manage Occupancy Costs to Increase Law Firm Profitability
November 05, 2004
Aside from payroll, real estate costs are a large law firm's most significant expense. Even under the best circumstances, such expenditures — sometimes called occupancy costs — consume 8% to 10% of the typical large firm's annual revenue. These costs are not confined to rent; many firms finance millions of dollars worth of expenses associated with the construction of their space.
How A Leader Adds Value To A Law Firm
November 01, 2004
The greatest, and perhaps the most frustrating challenge with which effective leaders of law firms must deal is the approach to follow to provide leadership to their firms. Central to this conflict is whether to lead by consensus or decree. Astute leaders achieve the appropriate balance of building consensus among the partners versus managing as an autocrat.
Gray Cary & Piper Rudnick: It's A Match!
November 01, 2004
Partners at Gray Cary Ware & Freidenrich and Piper Rudnick voted to merge the two firms in mid-October, creating a firm with close to 1400 lawyers in 20 offices and setting the stage for an even larger combination later this year.
Around the Firms
November 01, 2004
Movement among major law firms and corporations.
Eight Ways To Save Money On Legal Fees
November 01, 2004
Some may wonder why a partner in a major law firm is going to tell you how to save money on litigation legal expenses. The answer is simple. My job, first and foremost, is to obtain the best possible result for my clients. In my view (and the view of my colleagues), achieving the best result includes cost efficiency and cost effectiveness. Over the course of 18 years, I have had a front row seat to a wide range of client approaches to managing ' or not managing ' legal fees.
Tax Bill Makes Major Changes To Deferred Compensation Rules
November 01, 2004
In early October, Congress passed the American Jobs Creation Act of 2004 (Bill). President Bush is expected to sign it shortly. The Bill includes a number of tax breaks and is primarily directed toward ending export subsidies that were declared illegal in 2002 and that caused the European Union to impose tariffs on certain imports from the U.S. <br>In addition, the Bill includes provisions affecting deferred compensation that have been described as a "sea change" by senior government officials.
SEC's New Disclosure Rules
October 14, 2004
On March 16, 2004, the Securities and Exchange Commission issued final rules amending Form 8-K to increase significantly the number of events that trigger the requirement to file and shorten the deadline for filing. The new rules became effective on Aug. 23, 2004 and significantly expand the filing and disclosure requirements applicable to public companies with respect to mergers and acquisitions and other material transactions. The rules are another in a long series of measures adopted by the SEC pursuant to the Sarbanes-Oxley Act of 2002 and are intended to improve the dissemination of information regarding public companies to investors in a timely manner.
New U.K. Rules Mean Telemarketing Just Got Harder
October 06, 2004
Since June 25, companies in the United Kingdom will for the first time be able to avoid receiving "cold calls" ' unsolicited telemarketing calls ' by registering their phone number on a statutory list that bars the calls. <br>This has caused some consternation in the U.K. telemarketing industry, but it should be seen as just the latest development in information privacy in Europe.
PR's Return On Investment
October 01, 2004
Last year's first Annual Law Firm Media Performance Report broke new ground with data that examined, on a market-by-market basis, the relative aggressiveness with which U.S. and global firms utilize media coverage as a component of their marketing strategies. <br>The greater depth of focus for this year's study obviously required an analytic approach beyond simply computing media appearances.
Improve Professional Development: Conduct A Formal Associate Program Evaluation
October 01, 2004
Gone are the days of the Internet chat rooms for disgruntled associates. Gone are the multitude of public surveys where law firms learned, only after survey publication, how poorly associates rated their firms in terms of professional satisfaction. <br>These days, associates are less vocal about their dissatisfaction with their firms and the opportunities afforded them for professional development. Nonetheless, associates are still on the move, and firms continue to struggle to find effective ways to retain them. <br>Firms have made significant investments in improving their associate programs, including hiring Professional Development Administrators. Now, rather than ignoring issues related to professional development and satisfaction, firms are evaluating all aspects of their associate programs. They no longer want to leave the surveying to someone else.
