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With the end of the year in focus, most law firms may well finish in line with their budget plans. But analysts and observers also described the end-of-year profitability picture in Big Law as "tepid," "flat-ish" and "volatile," with 2024 promising plenty of uncertainty as well.
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In the legal profession, joining and maintaining membership in various professional associations is common practice. However, lawyers often overlook the critical question of whether their affiliation with these organizations yields substantial benefits, such as quality referrals and new clients.
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The overarching finding of Thomson Reuters Institute's "2023 Legal Department Operations Index" is that workloads are increasing but budgets aren't. The phrase "do more with less" appears three times in the report and similar sentiments appear on nearly every page of the its 25 pages.
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In an era of ESG characterized by heightened awareness of social justice issues, including terrorism, racial injustice, and reproductive rights, the question of whether law firms should take a public stance has become a significant discussion among firm leaders, businesses, and their employees.
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By shifting some focus away from input (billable hours) and embracing output (results), law firms can become more efficient and resilient to industry changes, improve client satisfaction, attract top talent and be better equipped to meet other, more long-term financial targets.
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Owners of intellectual property should be aware of how their works are used by generative AI models and the users of these tools, and timely action should be taken to defend intellectual property against infringement. Join LJN for a free webinar on Nov. 9.
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Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
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There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.
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This article addresses why difficult conversations are especially challenging in the legal environment, the value of having them, and offers a framework with a few extremely valuable tools for navigating these sticky situations to engage in these dialogues more directly and effectively.
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As technology continues to advance at an unprecedented pace, legal practitioners are presented with both challenges and opportunities to harness the power of AI in their practices. This article lays out a general roadmap for success in modern legal firms through the strategic incorporation of AI technologies.