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As partners and firm leaders from the baby boomer generation have begun to reach retirement age, legal consultants say succession planning has become a subject of increasing concern at small law firms, and is a topic they encourage those firms to prioritize.
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As law firms look to protect themselves from cash walking out the door in a low-demand market, they are increasingly looking at methods to discourage lateral departures and, perhaps more importantly, are enforcing those methods more frequently.
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Market Intelligence, Competitive Intelligence, Business Intelligence ' does it matter what we call it? Fundamentally, getting to value and insight comes down to adhering to one simple rule: The information must be actionable.
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Should law firm leaders be firing more lawyers? That seems to be the takeaway of a report released by the legal consultancy Altman Weil. Herein is a summary of the findings.
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Reed Smith has announced a new associate pay structure, raising the starting salary to $180,000 in some markets, $160,000 in Philadelphia and $145,000 in Pittsburgh.
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In the last 10 years, I have coached hundreds of attorneys as an internal career coach at Holland & Knight. Some of those associates left law entirely and are now writing novels, playing professional baseball, and flying airplanes. Others have gone in-house or to work for the government. Many of the associates have become non-equity partners, and some are equity partners. Here are some things I have learned about the ones who aim for partnership in a large firm.
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The "one-percenters" that we are hearing so much about in this year's primary election campaigns also have an analogous place in current law firm economics. The rich are getting richer, and most others are struggling to hold their own.
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Although legal professional development administrators continue to fight the good fight with respect to new associate development and integration, they must now, more than ever, start focusing on the fact that Millennial lawyers are getting closer to partnership. .
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Whether businesses sell hard goods, license technology or dispense advice ( e.g. , law firms), the common thread is that they are all businesses founded by one or more individuals, all of whom will someday exit the business. Law firms are businesses, and all too often partners and founders lose sight of that basic premise.
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The usefulness and ubiquity of Wikipedia makes it nearly everyone's first port of call for online research. Because of Wikipedia's importance, it presents both a huge opportunity and a great danger to companies and people written about in its virtual pages.