Law Firm Management

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One of the thorniest issues in selling a law practice involves the issue of goodwill and how to value it. Goodwill is both an accounting term and a qualitative dimension. Understanding both helps the average lawyer better understand the sale of a law practice.

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It's a challenge for many lawyers to find the time to understand the financial side of their practices. At Orrick, Herrington & Sutcliffe, financial education has become a priority. When our lawyers became better equipped to understand the economics of their practices, our firm was able to sustain growth and increase efficiency as well as improve client service across the board.

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Amidst a workforce characterized by rapidly changing demographics, employers and employees are faced with many challenges, including providing a workplace free from harassment and discrimination.

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Data analytics, the same data mining and interpretive analysis used for decades in other professions, is bringing change to the core business side of the legal profession ' and in the process, revealing great potential for increased efficiency, cost-savings and new ways of managing risk.

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As recently as five years ago, law partners charging $1,000 an hour were outliers. Today, four-figure hourly rates for in-demand partners at the most prestigious firms don't raise eyebrows ' and a few top earners are closing in on $2,000 an hour.

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A look at the DISC style assessment tool and what it means for your bottom line.

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There is often a gap between in house and outside counsel, and closing that gap can be easier than one may think.

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Reports of the death of the client alert are greatly exaggerated. But is it healthy?