Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Firm Partnership & Benefits ReportLJN NewslettersNewsSections

Implementing Practice Management in a Mid-sized Firm

By Joel A. Rose

Practice management is gaining strength as a discipline in many mid-sized firms. Long adhered to in large firms as a way to interact most effectively with clients, produce the client's work in the most timely and cost-effective manner, and generate collegiality among lawyers, in mid-sized firms many managing partners have relegated the practice of law to individual partners, reluctant to impose their judgments on how individual client matters were being performed. This results from their belief that lawyer management should not have to follow up on partners responsible for performing client work or for managing substantive practice areas.

Practice management and firm management often interact most closely when firm revenue and the net profit available to partners declines. When partners begin to feel the economic pinch in their pockets, there is a greater tendency to view practice areas and individual attorneys as profit centers. As such, firm management needs to review all of the factors contributing to profitability and to address the following questions:

  • How profitable are the firm's practice areas?
  • Should the firm continue to practice in these areas or redirect its efforts to other areas?
  • Can certain partners and associates be re-assigned to other more profitable practice areas? If so, what training will be required to bring these attorneys up to speed in these areas? If not, what should be done with these attorneys?
  • Should certain partners be assigned accountability for managing particular practice areas?
  • What should be the role, responsibility and level of accountability of the heads of practice areas?

Often, the solution to the problem is development of practice management in the firm, and an increasing number of mid-size law offices have introduced and implemented practice management activities to insure partner coordination, control and accountability over fields of law, areas of practice and client matters.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers Image

There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.

The Article 8 Opt In Image

The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.

Major Differences In UK, U.S. Copyright Laws Image

This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.

Strategy vs. Tactics: Two Sides of a Difficult Coin Image

With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.

Transfer Tax Implications on Real Property Leases Image

The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.