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Legal departments have been reducing outside counsel spending amid the COVID-19 pandemic and keeping more work in-house, where the demand for specialists and legal operations managers continues to grow, according to a new report.
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What is the right strategic approach for a legal department to optimize its return on investment for the resources it deploys to render legal services?
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NJ Senate Bill 3246 established the "business alternative income tax" (BAIT), an elective business tax regime for pass-through entities. Law firms are left wondering if electing to pay the BAIT is the right choice. This article summarizes how the NJ BAIT works, as well as its pros and cons.
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Budget season is in full swing at firms whose fiscal year matches the calendar year, and leaders are exercising a newfound scrutiny over every component of next year's spending as they prepare for an uncertain 2021.
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The election of Joe Biden as President may clear the way for many changes in the retirement planning landscape.
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During the COVID-19 pandemic, law firms have learned that a large number of "essential" services and Standard Operating Procedure rules and assumptions about how an office works are 1950's myths that need to be identified, examined and re-engineered or discarded.
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The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty.
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One of the keys to success in competitive intelligence is communication. Effective communication builds rapport with your clients, which, in turn, builds trust and instills confidence that you will be able to get what they need to achieve their goals. In the last few months, this element of trust and rapport has never been more important.
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A Look Back from the Future If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
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We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.