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Ask yourself whether the following scenario is fact or fiction in today’s U.S. legal market. A large investment firm with $3 billion in assets acquires a U.S. plaintiffs’ personal injury law firm after the law firm is listed on the U.S. Stock Exchange. Founded in 1935, the law firm specializes in workers’ compensation claims, personal injury cases and class actions. The investment fund’s acquisition of the law firm provides the law firm with “a stable capital base and a supportive operating environment,” according to the law firm’s press release. The fund “looks forward to working with [the law firm’s] strong team of lawyers whom we are keen to retain, support and incentivize,” according to the fund. The scenario is fact, not fiction. But it’s a scenario that happened earlier this year in Australia with Australian law firm Slater Gordon, not in the United States. At least, not yet.
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How to Build the Law Firm of the Future
By Joel Wirchin
The onus is on law firm leaders to balance risk and opportunity. How can firms guide through an increasingly perilous landscape rife with opposing hazards to start building the law firm of the future today?
The Flight to Quality and Workplace Experience
By Anthony Davies
That the pace of change is “accelerating” is surely an understatement. What seemed almost a near certainty a year ago — that law firms would fully and permanently embrace work-from-home — is experiencing a seeming reversal. While many firms have, in fact, embraced hybrid operations, the meaning of hybrid has evolved from “office optional,” to an average required 2 days a week, to now many firms coming out with four-day work week mandates — this time, with teeth.
Old Dog, New Tricks: Time to Retire Associate Lockstep Compensation
By J. Mark Santiago
This article maps out a system that would enable law firm management to implement a meaningful pay-for-performance system that drives positive associate performance and enhances the firm’s culture.
Determining Law Firm Employee Classification Through the ABC Test
By Jonathan Weinberg
Law firms have traditionally been large consumers of contract labor for a variety of purposes. These workers are traditionally classified as independent contractors, issued a 1099 and treated as ineligible for employee benefits. In recent years, many states have started to adopt the “ABC” test to determine whether a worker should be classified as an independent contractor or an employee.
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