Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
How Law Firms Can Gain a Competitive Advantage With Financial Intelligence
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.
The results revealed a striking shift in the role of law firm finance leaders, both in their value and impact. Many are using data to drive change in their organizations, amplifying the power of profitability, and leveraging their skill to fuel innovation. Ultimately, they are helping their firms gain a competitive advantage.
The Rising Role of the Law Firm Finance Leader
Two-thirds (67%) of the respondents reported that the skills required for financial leaders have changed. They now have expanded responsibilities, must adapt to new challenges, and wield higher levels of influence to positively impact decisions at their organizations. 43% indicated that their jobs have changed beyond the traditional remit of a law firm financial leader, consistent with the legal industry's expanding focus on the business of law. "The report shows that not only do law firm financial leaders have significant visibility into an array of firm data and dynamically leverage technology, but they are also routinely driving innovation," said Michael Grupp, the CEO of BRYTER.
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
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?