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Generative AI, combined with client education, could signal the slow death knell of the billable hour.
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No matter the approach, firms appear to have a common goal in mind when widening the ratio in pay for the highest and lowest-paid partners in order to better recruit and retain high performers.
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The business landscape over the last few years has been changing at an ever-increasing speed, and 2024 promises to be no different. To effectively navigate the challenges and opportunities that present themselves, leaders need to adopt a fresh approach to strategic planning.
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Business development is, first and foremost, about people and your relationships with these people. While marketing and visibility activities (speaking, writing, etc.) are critical, it's the people who ultimately make the hiring decisions. As a lawyer, while time is rarely on your side, developing your Nurture System will help you strengthen and deepen your important relationships in ways that are sustainable and effective.
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Like a threaded coupling or an electrical converter that allows non-matching mechanical or electrical components to be joined seamlessly together, legal finance can be the "adapter" that brings together lawyers with compatible talents but different economic outlooks and comfort levels.
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Hoteling has a negative connotation in the legal industry as little has been done to make the experience reliable and something to look forward to. The fact is, hoteling has worked very well in other industries for many years, and lessons learned here can help law firms.
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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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How effective operational impact and change led by diversity professionals can benefit all members of the workplace.
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For law firms seeking to thrive in today's competitive landscape, partnering with a specialized marketing and PR agency is a strategic imperative. Agencies possess a deep understanding of the intricate balance between legal expertise and effective brand communication.
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As organizations strive for growth into the future, outsourcing helps to find the balance between risk and opportunity, between cost and access to new skills and capabilities, curating innovation, and incorporating new remote working norms.
