A federal appeals court rejected an attempt to loosen restrictions on private investment in the legal industry, dismissing arguments that ethics rules on so-called "fee splitting" impinge on lawyers' First Amendment rights.
There is no question that today's sophisticated clientele is placing more emphasis on the full service concept. Multi-disciplinary practices are a good example of how clients want all or most of their outside services handled by the same organization. The Walmart one-stop shopping idea has become part of the legal profession. Thus, the firm needs to determine how it can best deliver its legal services with this full service concept in mind.
It is fast becoming an imperative for elite firms to widen the range of their partner compensation. Too narrow a range allows competitors with wider ranges to lure away the most commercially successful partners.
The New Year and the New Administration has areas of taxation estate planning and philanthropy on the front burner. No one is sure what will be happening with the minority discounts regulations in turmoil and proposed guidance of the modification of charities partnership interest and unrelated business taxable income (UBTI). By integrating a number of tried and tested tools, we may create a platform for substantial savings.
The attorney-client relationship is not one that always ends well. The client is able to discharge the attorney at any time, but outstanding legal fees must be addressed.
In a legal setting, Design Thinking can be used by the lawyer to match his or her client's needs to what is legally and practically achievable in order to create a successful business or problem-solving strategy.
Though 'Virtual Firms' Are on the Decline, Cloud Technology May Be Shifting the Model to Refocus on Lawyer Mobility
The rise of cloud computing in particular has made it possible for attorneys to keep all the technology tools they need to practice on hand at all times, and eschew direct client contact and office space if so desired.
Law departments are not being asked to do more with less? Instead, they are being asked to do more with more (though sometimes their budget increases are not keeping up with their new responsibilities).
Law firms are increasingly confident in their cybersecurity capabilities, despite many falling short of adequate breach response preparation.
Hard work alone will not propel your career forward to its highest possible level; you are going to need to be savvy at the art of self-promotion. This includes going outside of your firm to get new clients and letting those inside your firm know about your accomplishments to propel you up the corporate ladder.
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