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This article reminds readers of §409A's draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
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The New Reality, for which law firms are scrambling to equip themselves, is that law firms no longer define their own service levels. Now it's the clients, and they have clear expectation parameters.
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Today, we see outsourcing accelerating as the pandemic has served to highlight the traditional benefits of outsourcing: cost reduction, flexibility, expertise and efficiency. But providers need to do something more to increase satisfaction rates among their law firm clients.
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In March 2020 and the months immediately following, many firms found themselves scrambling to implement tools that would meet the needs of new remote work realities. Understandably, many of these decisions were done quickly without the normal level of due diligence. Now, the same firms are realizing that those hasty, though necessary, decisions should be revisited or undone.
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Whatever term the economists use to describe the slowing pace of commerce, the real question is: how do you protect your law firm's revenue stream when economic pressures are causing current and prospective clients to tighten their budgets?
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Security and privacy start with good information governance, and for many firms — trying to get their information governance policy implemented feels a lot like Groundhog Day. Yes, the one with Bill Murray. Let's take a closer look.
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Whatever term the economists use to describe the slowing pace of commerce, the real question is: how do you protect your law firm's revenue stream when economic pressures are causing current and prospective clients to tighten their budgets?
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The "best choice" provider pitch may not be the optimal sales strategy. It's better to adjust to where the prospect is in their buying decision process — whether that means they are looking for providers, they are studying the situation, they already have counsel, or they have decided not to address the issue.
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"Ugh, not another meeting!" Do you hear this from your colleagues and direct reports? If so, you should turn your meetings from a waste of time to a value-added use of time. We know meetings are important. They increase collaboration, set accountability, and create a shared sense of purpose and progress — all important elements of a happy, successful workplace.
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Midlevel associates aren't less willing than their predecessors to do the brain-bending amount of work. It's that after two years of billing massive hours through an isolating global pandemic, they're completely disloyal to the status quo. They kept firms going, they made partners rich, and now they plan to reshape the profession in their image.