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The legal industry has a gigantic problem. A tidal wave in the supply of lawyers is outstripping demand for legal services. At the same time, as many as 50% to 80% of the need for legal services across the general population goes unmet, largely because those services are unaffordable. Access to justice is under threat, even as law schools continue to churn out more than 30,000 lawyers per year and underemployment in the industry is nearly epidemic. This state of affairs serves neither lawyers nor consumers of legal services.
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Preparing for the LIBOR Phase Out: Contract Remediation Starts with Contract Intelligence
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.
How to Ensure Financial Health Ahead of an Economic Downturn
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.
How Cultivating Existing Client Relationships Can Boost Business Development
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.
Introducing Pricing Transparency to Legal Services
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.
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