No longer are law firms the only option for clients with legal work; they now have a wider menu of providers from which to choose. But what are the contours of that Alternative Legal Services (ALS) market? How are these new providers being used by corporate clients and law firms? What's driving that usage? And what does it mean for traditional law firms?
Absent the willingness or inability of first tier partners to create an environment in which blossoming attorneys can achieve their personal, professional and economic objectives, the likelihood is that these very attractive partners may leave to join other law firms.
The nature of legal work today and the need to consume vast amounts of unstructured text make our profession a ripe target for the promise of machine learning and artificial intelligence.
The role of chief strategy officer (CSO) — increasingly common in corporate America — has been adopted by relatively few law firms. Consultants say perceptions of what the position entails and whether it's necessary vary widely throughout the legal industry.
Not too many years ago, good decisions made by smart lawyers were sufficient. Law firms were raising their fees substantially every year and attorney incomes were soaring. Now, corporate buyers are largely calling the shots, and excellent decision-making by law firm leaders is required as firms work to maintain their profitability.
Whether a firm has poor leaders, leaders with no vision, leaders who micro-manage or leaders who are downright dysfunctional, somewhere in the firm there is an opportunity to help a leader or a group of leaders to become more effective.
Marketing and business development in law firms is no longer the exclusive domain of marketing and business development executives. Many more executives are pursuing revenue in one form or another, and those dedicated to the function should welcome this development rather than feel threatened by it.
Part One of a Two-Part Article
The two major challenges now facing lawyer management in many mid-size firms are: 1) how to motivate the non-entrepreneurial attorneys to achieve and to perform; and 2) how to retain the "over-achiever" attorneys so they will remain with the firm.
How Lawyers Can Maximize Job Satisfaction
Multiple studies suggest that lawyers are among the least satisfied of all professionals. What many lawyers fail to realize, however, is that satisfaction is not as elusive as it seems. If you are among the majority of attorneys who fall somewhere below 85% on the satisfaction scale, you can do something about it.
You are a partner in a law firm and you have decided to make a lateral move. You want it to be the right move to a better platform. Where do you start and how do you maximize the likelihood of a successful outcome? The more you are prepared to answer and ask questions, the greater the likelihood this next move will be an optimal one for you and the firm you are joining.
