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Among the more recent trends, it would appear that first generation law firms are becoming increasingly aware of the need to develop an effective method of motivating their partners. Generally, these firms were established approximately 30 to 40 years ago by individuals who are still reasonably active in the daily affairs of the practice. As a rule, the founding partners were capable of attracting — as well as producing — client work. Their success resulted in additional work that required the recruitment of more lawyers and enabled the firm to expand. Typically, the individual attorneys were bright and competent, and for the most part recruited to produce the work that was being generated by the founding partners. Over a period of time, however, it became evident that many of these second tier attorneys were unable or unwilling to: 1) personalize their relationships with certain of the firm’s key clients that were brought to the firm by the founding partners; or 2) attract new business to the firm and challenge the founders for leadership of the firm.
By Robert M. Jason
This article provides a general introduction to social media influencers and discusses common tax issues arising on the income side of the equation. What is taxable income? What happens if the influencer’s compensation is paid in equity?
By Jamie B. Field
Data is taking over our lives. And preceding that is all of the applications and technology that exists that helps us measure that information. But technology and data are not going to be the only growth drivers of a firm in the future. What’s going to become most important in the face of the technological changes that are occurring in law firms is a lawyer's "soft-skills."
By Dan Packel
Forty firms out of the Am Law 200 offered details on the steps they’re taking to improve mental health and wellness among attorneys and staff.
By J. Mark Santiago
This article focuses on what a firm can do now that will improve future firm economics regardless of what the future may hold, identifying three areas that offer the great opportunity for improving a law firms’ economics and better positioning them for whatever the future may bring.