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As law firms endeavor to survive in an increasingly competitive world, one strategy picking up steam is the law firm merger. 2018 was a banner year for mergers as firms moved at a rapid pace to complete more acquisitions than in years prior. Some advisers point to the challenges that small law firms are currently facing amid all of the changes in traditional ways of practicing law, such as automation of many legal services and downward fee pressure as reasons for the uptick in M&A activity. Artificial intelligence, for example, is making an impact in law firms as this new technology is reducing the need for hundreds, or in some cases, thousands of hours that would otherwise be spent by young attorneys performing document review tasks.
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By Ryan Drimalla and Karl Dorwart
The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
By Derek F. Meek and Hanna Lahr
The economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging than the Great Recession of 2008 in light of the non-discriminative impact of the virus. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future.
By Scott Wallingford
Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. It not only helps your firm prospect for future clients, but also helps you strengthen and expand existing client relationships.
By Nathan Cemenska
The COVID-19 crisis has caused a money crunch across industries, and CLD budgets are tightening. This downturn demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.