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The promise of new client relationships is driving the vast majority of lateral partner movement today. In fact, lateral acquisition has become the primary growth strategy for many law firms. Both the new firm and the lateral are often surprised by how few clients actually move to the new firm. A study I did in 2016 with ALM found that 30% of the law firms interviewed brought less than 50% of the clients they had projected to come with the lateral. Keep in mind that law firms often discount the book of business by as much as 50% to begin with. I doubt the results are much better today.
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By J. Mark Santiago
Deciding to merge is a process that is best undertaken when a firm has as much information as possible about what their objectives and desired outcome is. Developing that information is best achieved by answering four questions.
By Ben Schmidt
Employees are the lifeblood of an organization. Companies, including law firms, are rightfully attempting to navigate what the past two years have meant to the labor force and make sense of the changes to the landscape so that they can successfully manage their businesses. Included in this mix are outsourcing service providers.
By Lawrence L. Bell
The Treasury’s Greenbook commenting and explaining budget recommendations for FY 2023 raises warnings of tax increases. But what are the odds Congress passes anything before the midterm elections this November? This article presents a summary of the proposed tax increases and the likelihood of these provisions being enacted into law.
By Phillip Bantz and Trudy Knuckles
As inflation worsens, legal chiefs and their in-house teams are stepping up and finding ways to help their companies tamp down a vast array of price hike fires. And a significant part of that work is reviewing contracts with service providers, clients and other business partners.