The best and most effective way to drive firm profitability is through influencing partner behavior. The best way to incent the partners is by linking their compensation clearly and directly to the achievement of the firm's business strategy.
While economic troubles and fears of a recession are top concerns for law firm leaders now, some shifts within the legal industry are also triggering alarm bells. Interviews with more than a dozen law firm leaders identified a growing list of challenges that law firm leaders are grappling with now,
Why do some people sail through the entire budgeting, billing and collection process, while for others collection always means trepidation?
It is not accidental that funding the creation or growth of law firms and practice groups has tended to follow a traditional path. Rather, this circumstance is a combination of traditional legal temperament and structural barriers to innovation. Recently, there have been changes to both.
This article reminds readers of §409A's draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
The accounting industry picked up on this idea years ago when the big accounting firms set up subsidiaries offering management consulting services. Lawyers are in an ideal position to offer impartial investment advice because they are fiduciaries.
Law firm billing rates have increased across all law positions in 2022, but not necessarily enough to keep pace with inflation. That's according to news reports that point to some more challenges for law firm profits.
Routines based around 'work from home' are calcifying, and commuting, parking, sandwich shops and childcare are fading into distant memory. With each passing week, the challenge to win attorneys back into the office increases.
Whatever term the economists use to describe the slowing pace of commerce, the real question is: how do you protect your law firm's revenue stream when economic pressures are causing current and prospective clients to tighten their budgets?
The 'best choice' provider pitch may not be the optimal sales strategy. It's better to adjust to where the prospect is in their buying decision process — whether that means they are looking for providers, they are studying the situation, they already have counsel, or they have decided not to address the issue.
