Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Talent is the single most valued asset within a law firm. And, the role and influence of talent in law firms is on the rise. From the talent wars of 2021, to the persistence of the hybrid work model, to layoffs in 2023 and ever-climbing salary burdens, talent is at the forefront of discussion in legal circles (and beyond). How law firms engage with, respond to and anticipate changing talent needs has the power to transform the legal landscape and dictate which firms come out ahead.
Combining insights from macro-trends in organizations worldwide with critical shifts within the legal industry, five prevailing trends promise to impact the legal workplace in 2024.
|While engagement overall in the workforce is slowly improving, one notable group continues to report lower engagement and higher stress according to Gallup. It just so happens this group is also the one most often responsible for the engagement of others. A pivotal finding from Gallup reveals managers — those responsible for other people within the organization — account for 70% of the variance in employee engagement. In other words, effective managers are more likely to have more highly engaged team members.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
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
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.
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.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
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?
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.