Law Firm Management

One thing that continues to remain constant in law firms is the difficulty that firms and lawyers have with identifying and communicating how they differ from their competition. The most common refrains that I hear being used when asked the question, "Why should clients retain you?" include the standard "quality, responsiveness, communication, practical advice," etc.

Valuation discounts in estate planning has permitted the transfer of assets from one generation to another in an economically efficient manner. Two of the various discount methods claim lack of control (minority interest discount) and lack of marketability. The IRS has traditionally objected to these approaches in intra-family transfers, while Congress has attempted to legislate away these "loopholes" unsuccessfully and the Treasury Department is contemplating new regulations to accomplish this goal.

Although dramatic changes in law's economic landscape have conferred far greater bargaining leverage and purchasing power on clients, in budget discussions with outside law firms, many in-house counsel just aren't asking the right questions.

The practice of law is a business. Typically, partners in a law practice are responsible for keeping the firm afloat through bringing in business. Because partners are expected to bring in money for their firms, making partner in a law firm is no longer the lifetime guaranteed 'employment it once was.

Legal bill scrutiny in its many forms ' internally by legal departments, by nonlawyer staff elsewhere in the company, by third-party auditors, or via e-billing software ' has the potential to affect how and when law firms get paid, but the practical effect is up for debate.

If your Professional Development program does not include a component focused on the importance of trust and isn't engaged with firm leadership on how best to overcome the two most prevalent types of trust in a professional services firm, that may be the reason why the firm's client team program isn't as successful as everyone would like it to be.

Think you're being responsive to your clients about fees? They think you can do better.

This article reviews a methodology that has transformed our practice group leaders and our firm's approach to practice group management. What follows are some best practices and lessons learned from one midsize firm's year-long endeavor.