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Legal departments reduced head count over the past year, according to a new study, raising questions about whether the recent in-house hiring boom has petered out.
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Each year, well-intentioned and strategic legal professionals craft detailed business plans with ambitious intentions and growth objectives. Yet, professionals often find their plans derailed throughout the year because of competing obligations — active matter engagements, events, mentorship duties and a host of other responsibilities.
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The off-site is out and the on-site is in. As workplaces continue to push engagement through employee engagement events companies are turning inward — quite literally — hosting more events in the workplace than ever. This shift isn’t just logistical — it’s deeply strategic.
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As artificial intelligence continues its rapid march through the legal industry, law firms are facing a new kind of strategic imperative. No longer is the question whether to use AI — but rather how to do so responsibly, effectively, and competitively.
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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But when it comes to financial operations — specifically billing and collections — many firms are still functioning on outdated assumptions, fragmented tools, and reactive processes that no longer meet the demands of the market.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.