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Law Firm Management Beware: Seven Ancillary Business Pitfalls
Some law firms create unique, successful ancillary business models that not only boost the bonus pool, but also attract related legal business. Other firms make assumptions about market need, create management teams around partner free time, and generate little or no revenue. How will your firm find a successful model that fits the your own firm culture?
For the last decade, law firms have been increasingly launching ancillary businesses, which are often referred to as MDPs (Multi-Disciplinary Practices). The key is in the objectives for launching ancillary companies. Reasons for ancillaries may span the spectrum from creating new revenue streams to increasing client retention to solidifying client loyalty or even to showcase a market differentiator. The products or services of law firm ancillaries themselves are diversified. Hundreds of law firms own subsidiary companies or have alternative revenue streams ranging from construction consulting to money management to philanthropic advisors.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.