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Many law firms are fixated on insuring they choose the right service provider. Granted the right partner is important, however it’s not the service provider you select; it’s how that service provider is managed that determines success.
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The legal industry has long relied on the strength of its relationships, the quality of its legal work, and the predictability of its billable hour. But when it comes to financial operations — specifically billing and collections — many firms are still functioning on outdated assumptions, fragmented tools, and reactive processes that no longer meet the demands of the market. If the goal is to grow, improve profitability, and serve clients better, then firms must look at their revenue cycle as a strategic asset — not just a back-office function.
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The concept of "The Matrix" has existed for decades in professional services firms, though it represents a relatively new framework within the legal industry. This powerful approach to understanding organizational capabilities and client relationships offers law firms a strategic advantage in today's competitive marketplace.
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The law is a complex field. Everyone does not do the same thing. You still need to bring in new clients. What are some “soft touch” strategies that might be more comfortable?
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Incoming law firm leaders are not prepared — and the stakes have never been higher. As we enter one of the most transformative periods in the legal industry, marked by an uptick in the influence and power of talent, expanding adoption of AI, major political upheaval and the much-anticipated official entrance of a Big 4 accounting firm into the legal space, the importance and impact of strategic decision-making in the upper echelon of firms has never been greater.
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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.
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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.
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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.
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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.
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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.