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There is nothing worse than meeting with your client and discovering to your surprise they are having discussions, good or bad, with other members of your firm. Such dissonance within the firm can undermine the trust of your clients and compromise your business development and client retention efforts. From a client perspective, these missteps tarnish their experience with your firm. From the firm perspective, instead of working to expand business with these clients, you must now fight to repair the relationship. In today’s time-constrained law firm, however, it is often difficult to track such client engagements, let alone manage or understand them. Fortunately, advances in client relationship management (CRM) software can help connect lawyers across the firm, allowing them to compete as one firm and build on the successful results they have already delivered for clients.
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By Ryan Drimalla and Karl Dorwart
The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
By Derek F. Meek and Hanna Lahr
The economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging than the Great Recession of 2008 in light of the non-discriminative impact of the virus. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future.
By Nathan Cemenska
The COVID-19 crisis has caused a money crunch across industries, and CLD budgets are tightening. This downturn demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.
By Josh Becker
While we may use analytics differently in our respective companies, one thing is certain: Legal analytics is the future and it’s time to jump on board.