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As we all know, over the last few months, COVID-19 caused a shutdown of many aspects of the U.S. and world economies. While the Great Recession of 2008 was caused by factors that were more industry-specific, such as the subprime mortgage crisis, the economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging in light of the non-discriminative impact of the virus. Even hospitals, which are on the frontlines of combating COVID-19, felt the impact as fewer patients came for non-emergencies and as elective surgeries were postponed. 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. Proper planning is key to ensuring a company’s financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.
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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
By David Wood
While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates’ projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.
The Impact of Gen X and Millennial Law Firm Leaders
By Marci Taylor
Generation X lawyers stand poised to wield considerable influence. Often the unsung heroes in discussions about generational dynamics, Gen X professionals bring a wealth of strengths to law firm leadership. Their pragmatic outlook, honed by navigating shifts in technology and societal changes, positions them as adaptable leaders.
It’s Time for Lawyers to Return to the Office 5 Days a Week
By J. Mark Santiago
It’s time for attorneys to return to the office on a five day a week schedule. There is significant evidence that shows remote learning is not as effective as in-person instruction.
Law Firms Eager to Increase Nonequity Tiers
By Andrew Maloney
Last year saw a ”staggering” jump in the number of law firm leaders who said they wanted to increase their nonequity tier going forward. Now it’s clear many of the biggest Big Law players are following through, with several Am Law 100 firms growing their income partner ranks by double-digit percentages in 2023.