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Every law firm wants their clients to have exceptional experiences of their services, from intake through invoice delivery because client service is often the key differentiating factor in winning new business as well as retaining and expanding existing.
Client service, however, has changed over the years. It's no longer a story of handing clients prestigious, 50-yard-line football tickets; rather, much of what clients consider to be client service today has to do with data and security.
In fact, year over year, the ACC Chief Legal Officers' survey shows that CLOs site security and data management as their number one priority when working with outside counsel; and as security threats evolve, so too the areas for which law firms should be scrutinizing for heightened security as part of that business-critical client service.
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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.
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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.