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What In-House Counsel Need from Outside Counsel As Pandemic Landscape Shifts
The world was thrown for a loop in 2020 and law firms were no exception. In many respects, 2021 has law firm leaders and in-house counsel still feeling uncertain. The global COVID-19 pandemic forced lawyers — individuals whose relationships formerly depended upon firm handshakes and looking their clients directly in the eye — to build client trust through a tiny camera lens. Law firms, traditionally slower to adopt technological advancements than their counterparts in other professional services industries, quickly rose to the challenge. Digital signatures, videoconferencing, and remote court appearances allowed the business of law to continue in what is now considered the new normal.
The seismic shift did not end with the law firms. It acutely affected corporate clients. Once-formalized budgets were up in the air and priorities recentered on essentials. General counsel distilled corporate values into business imperatives by which outside legal representation must abide.
I sat down — virtually, of course — with GCs to discuss what matters most to their companies when hiring outside counsel. To ensure maximum candor and to provide the greatest benefit for readers, each GC spoke on the condition of anonymity. Where possible, as much context as possible was provided about their industry and type of company.
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Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
The Self-Service Buyer Is On the Rise
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
Sink or Swim: The Evolving State of Law Firm Administrative Support
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.