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The pandemic impacted the business of law in a variety of ways, and I was fortunate to identify shifts in the application of data to decision-making, the perception of profitability, and the pace of innovation for a new report — Implementing Financial Intelligence to Give Law Firms a Competitive Advantage in 2022 and Beyond — published by a consortium of companies that includes BigHand, BRYTER, and SurePoint Technologies. It features the perspectives of 20 chief financial officers, seven finance directors (three of which serve as the CFO since they are the department leader), and three accounting managers at law firms of various sizes (with a median of 103) throughout the United States.
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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.
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