The Panama Papers: A Small Part of a Larger Challenge?
June 01, 2016
The Panama Papers has become a new buzz phrase. Information contained in the Panama Papers ' the unprecedented leak of 11.5 million internal documents from the Panamanian law firm Mossack Fonseca ' illustrates the dangers of noncompliance for U.S. taxpayers and for citizens of other countries with whom the U.S. has exchange of information agreements.
Building the Better Buy-Sell Agreement
June 01, 2016
Buy-sell agreements are arrangements between owners of a business where one or more owners agree that they will purchase the interest of an owner who withdraws or becomes deceased. Essentially, a buy-sell agreement is similar to prenuptial agreement between business owners, which details the financial aspect of the unwinding of the business relationship.
Associates May Have Closer Eye On How They Are Billed Out
June 01, 2016
Hourly rates can be a moving target as clients negotiate down firms' published rates, but in a low-demand era where lawyers need every dollar they can bring in, it seems associates are the ones troubled lately with how rates are set.
Embracing Culture As a Path to Survival
June 01, 2016
Regardless of how technology continues to help the legal industry reinvent itself from a mature industry to a young and thriving one, culture and people will remain a key driver of any firm's long-term success. As a strategic imperative, creating a constructive culture of success takes much more than words with no actions. .
Embracing Culture As A Path to Survival
May 01, 2016
A strong, powerful and constructive culture has a significant impact on a business's ability to differentiate, to offer top-shelf client service, to attract and retain talent at all levels and to reach new levels of profitability. Regardless of how technology continues to help the legal industry reinvent itself from a mature industry to a young and thriving industry, culture and people will remain a key driver of any firm's long-term success.
The Coming Tsunami in the Legal Profession
May 01, 2016
There have been four waves of change over the last 50 years. We are now entering the fifth wave and this one will be a tsunami. The lawyers who do not recognize the trends will not be able to enter a new era and survive. The fifth wave will turn partnership leverage, compensation systems and the business model upside down. There is not much time to make the incremental changes that will support sustained profitability in law firms.
To Merge or Not to Merge?
May 01, 2016
The "one-percenters" that we are hearing so much about in this year's primary election campaigns also have an analogous place in current law firm economics. The rich are getting richer, and most others are struggling to hold their own.
Professional Development: Building Excitement Around Business Development
May 01, 2016
Ask lawyers what they find EXCITING about selling (it is okay to use the "sales" word) and most will say winning, followed closely by developing new relationships. On the flipside, they fear rejection and failure. Add risk aversion and low resilience to the mix and business development can feel daunting.
