Create An Operations Blueprint for Efficiency and Profitability In 2025
March 31, 2025
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.
The Rise and Rise of Hospitality In Law Firms
March 31, 2025
The demand for client-facing hospitality experiences has intensified. Law firms are incorporating more client-centric services, such as personalized spaces for client meetings, high-end catering, and concierge-style offerings during in-person visits.
District Court Affirms Bankruptcy Court Conversion of Subchapter V Case to Chapter 7
March 31, 2025
The U.S. District Court for the Southern District of New York affirmed a decision by the U.S. Bankruptcy Court for the Southern District of New York converting a debtor’s Subchapter V case to a Chapter 7 case. In particular, the district court found that the bankruptcy court’s decision to convert was not an abuse of discretion, especially in light of the serious conflicts of interest that existed between the debtor and the potential target of significant fraudulent transfer claims held by the debtor’s estate.
Soft Touch Prospecting Strategies for Lawyers
March 31, 2025
The law is a complex field. Everyone does not do the same thing. You still need to bring in new clients. What are some “soft touch” strategies that might be more comfortable?
Incoming Law Firm Leaders Are Not Prepared for Industry’s Transformative Period
March 31, 2025
Incoming law firm leaders are not prepared — and the stakes have never been higher. As we enter one of the most transformative periods in the legal industry, marked by an uptick in the influence and power of talent, expanding adoption of AI, major political upheaval and the much-anticipated official entrance of a Big 4 accounting firm into the legal space, the importance and impact of strategic decision-making in the upper echelon of firms has never been greater.
Strategies for Promoting Lateral Hires
March 31, 2025
Firms believe they only get one chance to call attention to lateral partner hires. How the initial splash is handled with clients, as well as internal and external communications, is certainly extremely important. However, maximizing lateral hire announcements should really be viewed as a critical kick-off to the overall timeline and success of lateral integration over the first year and beyond.
CRM As a Growth Strategy: Turning Data and AI Into Business Development Success
March 01, 2025
For years, customer relationship management (CRM) in law firms has often been viewed as a glorified Rolodex — a necessary but often underutilized system primarily seen as a data repository. However, as firms seek to drive business development, client engagement and revenue growth, CRM needs to evolve into a strategic growth platform.
AI for Legal Professionals
March 01, 2025
Mastering AI tools is vital for law firms striving to remain competitive. The increasing demand for prompt and effective services means firms that do not adapt may fall behind.
Treasury Dept. Issues Final Regulations on Related-Party Partnership Basis Shifting
March 01, 2025
On Jan. 14, 2025, the Treasury Department issued final regulations designating certain related-party partnership basis shifting transactions as “transactions of interest.” Although this designation does not affect the substantive tax characterization of these transactions, it imposes significant reporting requirements on taxpayers and their advisors.
