Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Business Development: How & Why Law Firms Should Invest In Associates' Business Development Efforts
Private practice attorneys truly own their careers, inside and outside their firms, when they fall into the category of "rainmaker" and when their compensation is a fraction of the business they are able to originate. Of course, there are exceptions — the partner whose practice area is essential to every transaction, the partner who takes on a large firm management role or the partner who fills another non-substantive need of the firm. But, generally speaking, if you are an attorney at a firm, big or small, you're best suited as a rainmaker. Many attorneys, however, don't actually know how to scale business and require guidance in order to develop and exercise that muscle. This is precisely why law firms should invest in their associates' business development efforts from the start.
When associates join firms at the junior level, they are tasked with learning how to actually practice law. In most cases they are there because they want to dive deep into the substance of the law itself. They must master their chosen practice area, comprehend the nuance that goes along with each matter and gain a deep understanding of the process and procedure required within the law. Associates need to know what they know and, perhaps more importantly, learn what they don't know. They must be committed to spend the necessary years perfecting their craft and becoming top of their game. Being a good lawyer is a baseline for success in the profession. Without debate, this is essential — but it doesn't have to, nor should it, be at the expense of the attorneys' business development efforts. The goal is to develop multi-dimensional lawyers. Those who bring so much to the table — for themselves, for the firm and for their clients. Those who can both practice law and build business, authentically.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee
Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."