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Law firms are increasingly looking for ways to meet client expectations while also maintaining profitability themselves. When I started out as an M&A associate over 20 years ago, meeting client and business demands was all about billing over 3,000 hours a year, leaving little room for a single day off despite the firm’s “unlimited” vacation policy. But the game has changed substantially for law firms today — the evolution of the legal business model is underway and artificial intelligence (AI) is playing a big role in calling time on the billable hour.
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By Bill Josten
Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm’s brand by cutting back too much on their marketing efforts.
By Zach Olsen and Ken Kerrigan
As we enter 2021, we should expect the needs of business and society to continue colliding. But if law firms prepare for those collisions, they can drive better outcomes.
By Lizzy McLellan
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
By David E. Kahen and Elliot Pisem
If a taxpayer suffers a loss by reason of errors made by a tax advisor, and the tax advisor makes a payment to compensate the taxpayer for the loss. May the payment be excluded from the taxpayer’s income subject to tax?