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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
Increasingly, law firms rely upon acquiring lateral partners and practice groups to grow revenue more quickly than they can by increasing output with existing talent. Larger firms understand that this is a good way to move up quickly on the Am Law 100 or 200 scale (which rank firms based on gross revenue) and increase average profits-per-partner (a key metric for attracting sought-after lateral candidates). Smaller firms also recognize the importance of lateral recruiting to making big jumps in profit over a short period of time. Regardless of where in the food chain a firm resides, achieving even incremental upticks in gross income through lateral acquisition can translate into substantial increases in profitability.
While growing by this means can be lucrative if done correctly, it carries many risks. Lateral candidates' projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally — both common occurrences according to a 2023 report by recruiting analytics firm Decipher Investigative Intelligence. These risks are amplified by the enormous cost of acquiring a lateral partner, estimated by Thomson Reuters in a white paper called "The Changing Paradigm of Lateral Attorney Hiring" at "anywhere from $715,500 to $4 million in the first year."
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.