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Last year, the global firm Baker McKenzie launched a new initiative called “Whitespace Legal Collab.” On the 27th floor of their Toronto office on Bay Street, the global firm opened their doors to clients and leaders in business, government, academia and non-profit organizations to “address complex global challenges at the intersection of business, law and technology” according to their website. “Our Whitespace Legal Collab is part of our firm’s wider effort to cultivate a new type of thinking when helping our clients develop solutions to complex challenges,” says Paul Rawlinson, the global chair of the firm.
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By J. Mark Santiago
Pay for performance is not a new concept in this country. The ideas and concepts underlying a graduated pay scale based on contribution and merit are deeply ingrained in our society. However, in general law firms have been slower to adopt pay for performance systems. What law firms need now, and this article describes, is an approach to partner compensation that closely links a partners pay to their ability to contribute to the achievement of the firm’s strategic objectives.
By John Schrumpf
“Data Analytics” have become more than just buzzwords and are an integral part of well informed decision making. The following best practices have the ability to bring your firm’s data management up to speed with competitors in the law industry, while turning what might be an underutilized resource into a working asset that drives revenue.
By Eric Dewey
For a large portion of engagements, discounts are not necessary to win the work. In fact, discounts come at a price. Both parties assume a degree of risk when margins are thinned. This article presents several techniques that you can use to re-direct discussions away from discounts and help to minimize their financial impact.
By Dylan Jackson
In a survey conducted by Major, Lindsey & Africa, lateral partners put firm culture and practice support ahead of anticipated compensation when considering a new firm.