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Partner and associate lockstep compensation systems are a hand-me-down from the early 1900s. If the legend is to be believed, it was developed at Cravath and over time most of the old “White Shoe” law firms in the city adopted it as a mechanism to promote cooperation and collegiality among the partners.
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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?
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.
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.
By Andrew Maloney
Some large law firms are doubling down on billing discipline, as Big Law clients take longer to make payments and the legal industry continues to see demand declines.