Firms believe they only get one chance to call attention to lateral partner hires. How the initial splash is handled with clients, as well as internal and external communications, is certainly extremely important. However, maximizing lateral hire announcements should really be viewed as a critical kick-off to the overall timeline and success of lateral integration over the first year and beyond.
Coaching is a powerful tool. It can be transformative for underperforming partners in law firms, addressing issues such as situational changes, practice impediments, and age-related challenges. By understanding these categories and following structured steps, firms can effectively coach their attorneys to meet expectations and enhance their performance.
For years, customer relationship management (CRM) in law firms has often been viewed as a glorified Rolodex — a necessary but often underutilized system primarily seen as a data repository. However, as firms seek to drive business development, client engagement and revenue growth, CRM needs to evolve into a strategic growth platform.
Mastering AI tools is vital for law firms striving to remain competitive. The increasing demand for prompt and effective services means firms that do not adapt may fall behind.
On Jan. 14, 2025, the Treasury Department issued final regulations designating certain related-party partnership basis shifting transactions as “transactions of interest.” Although this designation does not affect the substantive tax characterization of these transactions, it imposes significant reporting requirements on taxpayers and their advisors.
There’s no doubt many firms put together outstanding financial performances last year. Still, many bottom lines are getting a boost from flat or negative equity partner growth.
In the legal industry, volatility, uncertainty, complexity and ambiguity (VUCA) (originally a military concept) have reshaped how law firms operate, requiring legal administrators to adapt to a rapidly evolving work environment. Navigating this VUCA landscape involves balancing hybrid work models, evolving return-to-office strategies, and significant workforce challenges, especially in administrative support.
Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed.
The legal industry is undergoing a transformation at an unprecedented pace, driven by two powerful forces: the shift to flexible operations and the rapid acceleration of technology adoption. On top of this, clients, often ahead of their law firm counterparts in leveraging technology, are demanding faster, more secure, and more sustainable ways of working. Together, these may be the greatest operational challenges law firms have faced.
Across the industry, law firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.
