Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The Cultural Calculus of Competitive Advantage
Strategic planning is a firm's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and human assets. It is the formal consideration of a firm's future course. All strategic planning deals with at least one of three key questions:
- What do we do?
- For whom do we do it?
- How can we do more of it?
For most firms, the answer to this third question results in the decision to grow the firm geographically, through the development of niche practice areas, through industry focus, through practice specialization or through some combination of the above. Strategic options typically fall within two choices: Buy it or build it. Grow inorganically or grow organically. The emphasis in many firms is weighted toward buying growth (inorganic growth) through laterals, acquisitions and mergers, primarily because this growth path is quicker, more manageable and returns on the investment easier to substantiate.
Inorganic growth strategies accept the premise that clients benefit from a law firm's faster-than-market growth and bigger-than-average size, and in many respects they do. But in numerous ways, clients do not benefit from an expanding and increasingly complex law firm. In fact, one could argue that a lack of attention to organic growth initiatives in firms is at the heart of the disconnect many in-house counsel feel for their outside law firms.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- 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
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.