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The majority of law firms faced with generational change do not survive into the next generation after the founders retire. This risk of decline or dissolution can be greatly mitigated if your firm plans ahead of time for succession.
Features
As one of its core principles, Legal Project Management (LPM) emphasizes the need for effective project scoping as a crucial first step for delivering legal services efficiently, predictably, on time and on budget. Most experienced lawyers tell us they scope engagements quite well. In our experience, many of them don't.
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In this column, we bring the views and opinions from the client's perspective into focus on issues involving pricing, service, marketing, strategy, differentiation and more. This month, we reached out to Michael Chartock, who has a multi-dimensional lens on these issues.
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The DOJ Tax Division and the IRS have been ramping up an intense crackdown on offshore tax evasion, and the IRS's reduced resources due to new budget cuts is having no effect on IRS enforcement initiatives in this area.
Features
The year 2015 is already half over ' which means that the Affordable Care Act's (ACA) employer "play or pay" mandate, which has been delayed, in total or in part, twice, is very much in play. On July 2, 2013, the Administration delayed the employer mandate for employers with more than 50 employees until 2015. Then on Feb. 10, 2014, the Administration extended time to provide health insurance to full-time employees to certain employers.
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There are two ways lateral partner recruiting can grow the revenues of a law firm. The first is through the acquisition of additional client relationships brought to the firm by the lateral partner. The second is the added work generated by the lateral partner serving more of the legal needs of the firm's existing clientele.
Features
It's easy to lose sight of purpose in a law firm ' especially as marketers. All the amazing opportunities "The Information Age" brings quickly deflate against the unresponsiveness or death-by-consensus model of law firm leadership. In these moments of defeat, the temptation to settle is strong. But we can help.
Features
Leaders in today's law firms are so caught up in managing their caseloads, achieving billable hour goals and putting out fires, they rarely stop to consider how well they are leading.
Features
Last month, noted that 80% of law firm CMOs believe content marketing is an important marketing and business development strategy, and 84% expect to increase the amount of content they are producing over the prior year. With that in mind, we discussed the first four and a half of seven best practices. We conclude this discussion herein with a continuation of Point 5, Repurposing Content.
Features
Why do formerly great law firms fail and go under? The author feels that they lost the anchor to their core values, and then started drifting into issues and concerns that eventually destroyed them from within. This article explains what can be done to keep the anchor holding.