This article delves into the multifaceted implications of discounting corporate legal fees, exploring both the potential benefits and the risks associated with this strategy.
A new American Bar Association ethics opinion touches on what has been a risky business area for Big Law in the emergence of generative AI: billing and fees related to AI-supported legal work.
Amid unprecedented billing rate hikes and an escalation of the battle for rainmaking talent, Am Law 100 law firms again raised the stakes on partner pay last year. At the same time, the average spread among Second Hundred firms fell a bit.
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.
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.
While some firm leaders pointed to market factors such as economic uncertainty, most indicated that declining realization rates were a price they were happy to pay in exchange for several years of strong rate increases.
The ultimate guardian of the quality of client service is the partners' own judgement but properly utilizing AI can set expectations that will benefit the clients and the firm and end forever the "End of the Billable Hour" stories.
Having a compensation system that clearly outlines partner expectations, provides the partners with the ability to validate the results by communicating the results back to them does more to build collegiality than an opaque system that, by its design, promotes distrust and ill will among partners.
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing, and reviewing these documents in real-world cases.
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions
Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.
