• Prospering in the 'New Normal'

    June 01, 2018 |

    Raising Costs and Declining Demand are Sapping Profits

    The “New Normal” of today is one in which raising operating costs, associate salary increases, and reduced realization rates coupled with AFAs and demands from corporate counsel for reduced rates are sapping firm profits and there is no relief on the horizon. Law firm leaders, seeing current conditions, should be asking if there is a better way.

  • Cash Flow Drought: How to Identify and Deal with It

    June 01, 2018 |

    Cash flow management can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.

  • How Law Firms Can Prepare for FinTech Wave

    May 01, 2018 |

    The Innovations and Industry Disruption Should Have Law Firms Snapping to Attention

    The world of financial services is being upended by new technologies — from virtual currencies and blockchain to peer-to-peer lending and enhanced mobile banking — that are capturing customers, as well as the attention of Wall Street investors and industry regulators.

  • The Death of the Law Firm Partnership Vote?

    April 01, 2018 |

    With an Eye on Efficiency, Firms Are Ditching Old Methods for a More Corporate Form of Governance

    A growing number of firms in the United States and the United Kingdom are eschewing historical partnership norms in favor of more centralized management, and with that comes fewer and fewer partnership votes.

  • Finally Finishing Unfinished Business?

    April 01, 2018 |

    How the Recent Heller Ehrman Case Impacts Lawyer Mobility and Clients Choice of Counsel

    The law of unfinished business, as applied to cases billed on an hourly basis, has been the subject of much commentary and case law. In Heller Ehrman, the high California court, like the New York Court of Appeals, found that a dissolved law firm did not have a property interest in hourly matters for work performed after dissolution. The case is worth exploring as it impacts, among other things, lawyer mobility and clients choice of counsel.

  • Adding Value with a Client Visit Initiative

    April 01, 2018 |

    The increasing competition in the legal industry highlights the importance of differentiation and adding value beyond the work product. Face-to-face interactions with clients are a critical component in differentiation because they provide the opportunity to understand better the nuances of clients' businesses, develop deeper relationships, and drive productive collaboration.

  • The Relationship Between Leadership and Management in More Successful Law Firms

    March 01, 2018 |

    Financial stability within a law firm practice does not guarantee harmony within the partnership itself — far from it. Law firm management that does not acknowledge or reflect the importance of firm leadership and the contributions and needs of its members endangers a firm's cohesiveness and its very existence, no matter how many clients come through the front door.