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The Complex Relationship Between Real Estate and Technology
Do law firms have the resources to pay for the technological innovations they feel they need to compete, while also having the kind of office space that encourages attendance (despite the technology that makes it unnecessary for some)? Maybe.
But in place of the common assumption from the COVID years that real estate and technology spending were inversely related, it's becoming increasingly clear that the two line items — which trail only talent on the overall cost hierarchy — have a more complex relationship. Essentially, firms' success in linking the two will determine how vibrant their workplaces are going forward.
|The Way We Were
Remember when a law firm's office was one of its defining characteristics? Ornate conference rooms, intimidating and beautiful lobbies. Huge corner offices for those that (ostensibly) deserved them.
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Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
The Self-Service Buyer Is On the Rise
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
Sink or Swim: The Evolving State of Law Firm Administrative Support
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.