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As Gen X and millennials ascend to leadership positions in law firms, they have a lot on their respective plates — an industry facing rapid change, innovation promising to fundamentally change the way lawyers work, continued stratification in the market, ongoing struggles to attract and retain talent and the daunting task of building thriving firm cultures in a hybrid work world.
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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
By David Wood
While growing by acquiring lateral partners and practice groups can be lucrative, 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.
It’s Time for Lawyers to Return to the Office 5 Days a Week
By J. Mark Santiago
It’s time for attorneys to return to the office on a five day a week schedule. There is significant evidence that shows remote learning is not as effective as in-person instruction.
Law Firms Eager to Increase Nonequity Tiers
By Andrew Maloney
Last year saw a ”staggering” jump in the number of law firm leaders who said they wanted to increase their nonequity tier going forward. Now it’s clear many of the biggest Big Law players are following through, with several Am Law 100 firms growing their income partner ranks by double-digit percentages in 2023.
Big Law Banks On Contingency Fees to Maximize Profitability
By Abigail Adcox
In a quest to maximize profitability, Am Law 200 law firms have grown their share of business tied to contingency fees, a gamble that has paid off for some firms in recent years.
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