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With law firms continuing to face heightened market and industry pressures, business development is essential for both law firm growth and individual lawyer success. However, coaching lawyers to become effective rainmakers presents unique challenges.
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Law firm operations are different now. Obviously, the biggest impact of COVID has been the inception and continuation of the hybrid work environment. This has been a kick in the pants for law firms to migrate to a digital working environment
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Getting new business doesn't always involve knocking on doors. It can often be gained by whispering in the right ears.
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At best, it is difficult to budget for external legal fees. Needs are uncertain at the beginning of the year, and there is constant pressure to hire the best firm possible. Here are three suggestions to help you reduce your external legal spend.
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With a growing number of firms moving to a two-tier partnership structure, the question becomes what comes next for the dwindling number of major firms that don't have a nonequity tier. At what point do tradition and culture yield to change and progression?
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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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Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
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Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
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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?
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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.