Strategic Planning: Look Before You Leap
May 01, 2004
The market is asking a great deal of law firms these days. The economy is still unpredictable, clients are demanding additional value at the same costs, and client loyalty is not what it used to be. As a result, many firms are struggling with instituting internal management controls that emphasize profitability and synergy in addition to practice excellence. <br>Frankly, the move by law firms to become more strategically oriented is reactionary. If you ask most lawyers, they did not expect management and planning to be a part of their daily duties when they entered law school. While some have embraced their new role, very few have done it before. An even smaller fraction is formally educated in the discipline of building strong businesses.
Ranking Law Firms by Economic Performance: Divergent Views
May 01, 2004
In the decades since <i>Fortune</i> magazine's landmark ranking of the nation's wealthiest corporations (during the Great Depression, of all times), the passion for ranking in our business and general cultures has grown to what can well be described as an obsession. Almost 20 years ago, law firms were finally drawn into economic ranking ' or rather, reportedly, were dragged into it kicking and screaming ' by the AmLaw listings, published by American Lawyer Media, the parent corporation of this newsletter. <br><i>A&FP</i> readers should be able to guide their firms in how to contribute and use ranking data fairly and wisely. To that end, the following article excerpts and <i>A&FP</i> author commentaries assess the challenges of law firm ranking.
Health Savings Accounts
May 01, 2004
Starting in 2004, law firms have another option in attempting to mitigate rising health insurance costs. Recently enacted Health Savings Accounts (HSAs) offer law firms and their employees a tax favored vehicle to pay for medical expenses.
When It's About More Than Money: What's Enforceable In Settlement Agreements
May 01, 2004
From time to time, even the best employers need to downsize staff. The terms of an employee's severance are usually memorialized in an agreement, pursuant to which the employee, in consideration for a payment of a certain amount, waives the right to litigate claims. Although that amount is often the primary bone of contention, unfortunately it is not the only one. This article outlines the other terms commonly appearing in agreements settling claims arising out of employment and its termination, and the often-conflicting case law on the enforceability of such terms.
Planning The Successful Retreat
May 01, 2004
Whatever the goal of a law firm retreat, it will not succeed unless adequate time and effort have gone into the planning process. In fact, a major portion of the work involved must be done before the retreat is actually held. The retreat should not be viewed as a panacea, but as a practical management tool that can be wielded in a variety of ways.
Pro Bono is Profitable: A CFO'S View
April 12, 2004
What is your law firm's definition of "pro bono?" Seems like a simple enough question, but ask any two lawyers or law firms what "pro bono" means to them, and you are likely to get two or even several different answers.
Part-Timers: Good Value for the Money
March 30, 2004
Now, more than ever, women lawyers place enormous value on flexible work schedules. Firms that support such schedules reap benefits in the form of higher retention, increased profitability, and more diverse leadership. In turn, the legal profession ' and, on a broader level, society ' benefits from contributions by part-time lawyers who are in a better position to devote time to activities that make attorneys better citizens. These core conclusions emerged from a new survey of 167 lawyers at 37 firms in the Atlanta area. These attorneys included women and men, associates and partners, part-time and full-time lawyers, and retired and active attorneys.
Demographic Analysis: Foreshadowing the Future of Your Law Firm
March 30, 2004
In law firm management audits and strategic planning, an objective demographic analysis can be a very important analytical tool. On a firm-wide and practice group basis, charting firm demographics can provide a substantive foundation for conclusions about the current standing of a law firm, and sometimes, provide the genesis for startling insights about the short- and long-term strategic position of a law firm, individual office, or practice group.
