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Retirement Succession Can Hedge Against the Risks of Lateral Partner Acquisition
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 AmLaw 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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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.