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Information governance and the protection of corporate data are top concerns for law firms. To ensure standards are met, some clients are now tying payment to compliance with Outside Counsel Guidelines (OCG). OCG have moved from guidelines to actual contracts that provide for indemnification of the client for cyber breach and violation of privacy laws, and require firms to explicitly secure the client’s data. 79% of legal departments now provide OCG to their law firms, a 30% increase over 2017, and OCG are overwhelmingly the most effective methodology for legal departments to control spend and mitigate risk. See, 2018 Altman Weil Chief Legal Officer Survey.
By Marcus Dyer
As law firms endeavor to survive in an increasingly competitive world, one strategy picking up steam is the law firm merger. In this article, we recap law firm merger activity in 2018 and consider the economic outlook for law firm mergers for 2019.
By Lawrence L. Bell
Planning for executive benefits for top hat employees at non-profit organizations has undergone a frenzy of regulatory roadmap changes. Nonprofit NonQualified Benefits are largely directed and controlled by IRC §457.
By Kevin Harris
Prebilling, the process of generating invoice drafts and circulating them for annotation/adjustment, is one of the most important monthly tasks a law firm conducts. Since prebilling involves bringing money into the firm, the more efficient the process becomes, the better off the law firm is financially.
By Patricia Ellard
We hear about the ongoing cost pressures clients face, which force in-house counsel to do more with less, and the pressures on outside counsel to provide greater efficiencies and cost predictability. We also hear that clients hate to be cross-sold. However, this does not mean that clients are not interested to be introduced to new colleagues who can provide insight.