Law Firm Management

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A Silver Tsunami of aging partners is threatening the legal profession. There's a way to higher ground.

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The global COVID-19 pandemic forced lawyers — individuals whose relationships formerly depended upon firm handshakes and looking their clients directly in the eye — to build client trust through a tiny camera lens. Here's a Q&A with GCs to discuss what matters most to their companies when hiring outside counsel.

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While acquiring the skills necessary to develop business is certainly a life-long journey, here are five critical elements to consider from the outset.

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Partnerships are relationships, ideally relationships built on trust and a common goal. Successful partnerships require all parties working together — working together to service a client fully, generate revenue and to build a business. This requires openness and coordination.

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A once-in-a-lifetime pandemic caused once-in-a-lifetime expense reductions that could forever alter the business of law. After those cost savings fueled double-digit profit growth for many firms in 2020, don't be surprised if Big Law leaders try to make some of those gains stick.

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Attorneys can utilize accountability partners to fuel the advances one truly wants to make in their efforts to build books of business.

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The lateral partner challenge is, essentially, a vetting challenge. And yet, few law firms take a strategic approach to vetting and hiring laterals.

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The current circumstances are giving rise to conversations about pricing, and driving both sides of the law firm-client relationship to seek common ground — both in the form of tried-and-true alternative fee arrangements and those that reflect a more innovative approach.